Indian Pharma Pharmaceutical firm Ranbaxy Laboratories has bought shares worth over Rs 226 million (US$4.47 million) in financial services firm Religare Enterprises through an open market transaction.

Ranbaxy has purchased 600,000 shares at a price of Rs 376.71 a piece, aggregating Rs 226 million, according to bulk deal data available on the National Stock Exchange.

Religare Enterprises was led by promoters of Ranbaxy Laboratories. Last year Ranbaxy promoters, Malvinder and Shivinder Singh, sold a majority stake in the company to Japanese drug maker Daiichi Sankyo (TSE:4568).

In a separate filing to the stock exchanges Religare has said its board will meet on March 25 to re-consider the terms and conditions of its Rs 18 billion rights issue.

In October last year the board had approved the rights issue price of Rs 355 a share, in the ratio of 2:3, wherein two equity share would be issued for every three shares held.