Dr Reddys Laboratories Ltd 6-K, filed Feb 9, 2022
Dr Reddys Laboratories Ltd (RDY)
About this 6-K
Dr Reddys Laboratories Ltd filed this 6-K on February 9, 2022.
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
February, 2022
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 | Update to Press Release dated February 8, 2022 |
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: February 8, 2022 | By: | /s/ Vivek Mittal | |
| Name: | Vivek Mittal | ||
| Title: | Global General Counsel and Compliance Officer | ||
Exhibit 99.1
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Dr. Reddy’s Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana, CIN : L85195TG1984PLC004507
Tel : +91 40 4900 2900 Fax : +91 40 4900 2999 Email : mail@drreddys.com www.drreddys.com |
Updates to the Press Release submitted on February 3, 2022
February 8, 2022:
In furtherance of our press release submitted on February 3, 2022 and in terms of the requirements of the SEBI circular dated September 9, 2015, please find below the additional details pertaining to the said press release.
Nimbus Health GmbH (Nimbus), founded on December 21, 2018, is a licensed pharmaceutical wholesaler from Germany focusing on sale of medical cannabis in Germany. Their business operations are in Germany only. Reddy Holding GmbH, a subsidiary of Dr. Reddy’s Laboratories Limited (Dr. Reddy’s) will acquire all of the share capital of Nimbus, and Nimbus will become a step down subsidiary of Dr. Reddy’s upon closing of the transaction.
The definitive agreement is for acquisition of the entire 100% shareholding in Nimbus at € 5 million to be paid at closing, with an earn-out based on net sales and EBITDA of Nimbus for CY 2023, and EBITDA of Nimbus for CY 2025.
Nimbus distributes mostly medical cannabis products in Germany and holds applicable licenses and permits to do so. In calendar years (Jan 1 – Dec 31) 2021, 2020 and 2019, Nimbus’ revenues were approximately € 3.59 million, € 1.39 million and € 107,697, respectively.
The acquisition is not a related party transaction and none of the promoter/promoter group/group companies of the Company have any interest in Nimbus.
The business carried on by Nimbus, may be considered as an extension of the Company’s main line of business i.e. pharmaceuticals. This will help expand the Company’s portfolio and to gain access to markets especially the highly regulated medical cannabis market.
No governmental or regulatory approvals were required/applicable to consummate this transaction, apart from the regular compliances with RBI for acquisition of 100% stake in an overseas entity.
The time period for completion of the acquisition is estimated to be end of February, 2022.
With regards,
| /s/ Vivek Mittal | |
| Vivek Mittal | |
| Global General Counsel and Compliance Officer |
CC:- New York Stock Exchange Inc.(Stock Code :RDY)
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