RDY Dr Reddys Laboratories Ltd

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

September, 2024

 

Commission File Number 1-15182

 

DR. REDDY’S LABORATORIES LIMITED

(Translation of registrant’s name into English)

 

8-2-337, Road No. 3, Banjara Hills

Hyderabad, Telangana 500 034, India

+91-40-49002900

 

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x                           Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ______

 

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ______

 

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes ¨                           No x

 

If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-________.

 

  

 

EXHIBITS

 

Exhibit Number		Description of Exhibits
99.1		Intimation dated September 27, 2024

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	DR. REDDY’S LABORATORIES LIMITED (Registrant)
Date: September 27, 2024	By:	/s/ K Randhir Singh
		Name:	K Randhir Singh
		Title:	Company Secretary

 

 

 

Exhibit 99.1

 

Dr. Reddy’s Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana, India. CIN : L85195TG1984PLC004507   Tel      : +91 40 4900 2900 Fax     : +91 40 4900 2999 Email : mail@drreddys.com www.drreddys.com

 

September 27, 2024

 

National Stock Exchange of India Ltd. (Scrip Code: DRREDDY-EQ)

BSE Limited (Scrip Code: 500124)

New York Stock Exchange Inc. (Stock Code: RDY)

NSE IFSC Ltd (Stock Code: DRREDDY)

 

Dear Sir/Madam,

 

Sub:

Disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

 

This is in furtherance to our intimation dated July 27, 2024, wherein we have informed that the Board of Directors of the Company has approved the fund infusion by way of investment in preference shares of Dr. Reddy’s Laboratories SA, Switzerland (“DRL SA”), a wholly-owned subsidiary of the Company, upto an amount of GBP 500 million (USD 640 million).

 

In this connection, we further inform that the Company has made an investment of USD 620 million in line with above intimation and DRL SA has allotted 6,200,000 non-convertible preference shares each with a nominal value of USD 100 to the Company on September 27, 2024.

 

The details required under Regulation 30 of the SEBI Listing Regulations, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, with respect to the above fund infusion is given in Annexure enclosed herewith.

 

This is for your information and records.

 

Thanking you.

 

Yours faithfully,

For Dr. Reddy’s Laboratories Limited

K Randhir Singh

Company Secretary, Compliance Officer and Head-CSR

 

Encl: as above

 

 

 

Annexure

Disclosure under Part A Para A(i) of Schedule III read with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015

 

Sl. No	Particulars	Description
1	Name of the target entity, details in brief such as size, turnover etc.	Dr. Reddy’s Laboratories SA, Switzerland, (“DRL SA”) a wholly owned subsidiary of the Company. The fund infused by the Company into DRL SA will be used for the acquisition of Nicotinell® and related brands by way of acquisition of all of the quotas of Northstar Switzerland SARL incorporated in Switzerland owned by the Haleon Group, as intimated by our disclosure dated June 26, 2024. The turnover of DRL SA for CY2023 was USD 392 million.
2	Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arms-length”	The investment in DRL SA is a related party transaction, as DRL SA is a wholly owned subsidiary and accordingly a related party to the Company. The investment is done based on valuation report of an Independent Valuer and on arm’s length basis. Except as stated above, the promoter/ promoter group/ group companies have no interest in DRL SA.
3	Industry to which the entity being acquired belongs	Pharmaceutical
4	Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity)	The fund infused by the Company into DRL SA will be used by the said wholly-owned subsidiary for the acquisition of Nicotinell® and related brands by way of acquisition of all of the quotas of Northstar Switzerland SARL incorporated in Switzerland owned by the Haleon Group.
5	Brief details of any governmental or regulatory approvals required for the acquisition	Not applicable.
6	Indicative time period for completion of the acquisition	DRL SA has allotted 6,200,000 non-convertible preference shares with a contractual buyback right, each with a nominal value of USD 100.00, amounting to a total USD 620,000,000 to the Company on September 27, 2024.
7	Nature of consideration- whether cash consideration or share swap and details of the same	Cash consideration
8	Cost of acquisition or the price at which the shares are acquired	Cash consideration of USD 620,000,000 towards subscription of preference shares of 6,200,000 of USD 100.
9	Percentage of shareholding/ control acquired and/ or number of shares acquired	DRL SA is a wholly owned subsidiary of the Company.

 

 

 

 

10	Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief)	DRL SA was incorporated on 16th of April 2007 and is engaged in the production of pharmaceutical and biotechnological products, the acquisition, use, purchase and sale of goods of all kinds and in particular of intellectual property rights. The turnover of the DRL SA for the previous 3 years is as under:
		CY 2023	USD 392 million
		CY 2022	USD 306 million
		CY 2021	USD 290 million

 

 

 

 

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