differnece of Rs. 120 In ranbaxy Sept future

can Anybody explain the difference of rs. 120 between cash and Sept future price w.hether at the end of the offer in sept the stock cash price will trade at the september futuer price.
can some body explain that. its not stock split, Bonus, rights, capital reduction etc than why the difference. Is it only because of hedging.

Ranbaxy share has gone up because of buying of stake by Daiichi at 737 from Malvinder Sing (chairman of Ranbaxy). Hence there is open offer for purchase of another 20% stake at 737. Shareholders will tender their shares in the open offer. Since there are 60% (approx) held by investors including institutions, only 33% shares will accepted. Thus what will happen to remaining 67% shares. They will not get the present value. Current price of Ranbaxy is discounting the benefit of open offer. After closing of the offer and return of 67% of shares of ranbax, ranbaxy will not get the current price and it will fall to the price at which september future is quoting and this is well known and very much sure. There is no question on it.


Chintan786