Dr Reddys Laboratories Ltd 6-K, filed Jan 8, 2025
Dr Reddys Laboratories Ltd (RDY)
About this 6-K
Dr Reddys Laboratories Ltd filed this 6-K on January 8, 2025.
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
January, 2025
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 January 7, 2025 |
| 2 |
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: January 7, 2025 | By: | /s/ K Randhir Singh | |
| Name: | K Randhir Singh | ||
| Title: | Company Secretary | ||
| 3 |
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 |
January 7, 2025
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 – Sale of step down wholly owned subsidiary of the Company. |
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), as amended, we wish to inform that Dr. Reddy’s Laboratories Inc, USA, the wholly owned subsidiary of the Company, has entered into an agreement for sale of all the issued and outstanding membership interests in its wholly owned subsidiary, Dr. Reddy’s Laboratories Louisiana LLC (DRLL), along with manufacturing facility of DRLL in Shreveport, Louisiana, USA. Consequently, Dr. Reddy’s Laboratories Louisiana LLC will cease to be a wholly owned subsidiary of Dr. Reddy’s Laboratories Inc as well as step down wholly owned subsidiary of the Dr. Reddy’s Laboratories Limited.
The details required under Regulation 30 of the SEBI Listing Regulations, read with SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, with respect to the above sale 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 | The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division or undertaking or subsidiary or associate company of the listed entity during the last financial year | The details as per last audited financial statement for the financial year ended March 31, 2024 of Dr. Reddy’s Laboratories Louisiana LLC (DRLL) are as hereunder: | ||
| Particulars | Amount (USD) | % of consolidated Income/ Net Worth of the Company |
||
| Turnover | USD 38.91 million (1) | 0.68%(3) | ||
| Net worth | USD 29.49 million (2) | 0.47%(3) | ||
| 2 | Date on which the agreement for sale has been entered into | January 6, 2025 |
| 3 | The expected date of completion of sale/disposal | By March 18, 2025 |
| 4 | Consideration received from such sale/disposal | USD 1 |
| 5 | Brief details of buyers and whether any of the buyers belong to the promoter/promoter group/group companies. If yes, details thereof | Jaguar Labs Holdings, LLC, a Delaware limited liability company.
Jaguar Labs Holdings, LLC does not belong to the promoter/ promoter group/ group companies. |
| 6 | Whether the transaction would fall within related party transactions? If yes, whether the same is done at “arm’s length” | The transaction is not a related party transaction as Jaguar Labs Holdings, LLC is not a related party to the Company or any of its subsidiaries.. |
| 7 | Whether the sale, lease or disposal of the undertaking is outside Scheme of Arrangement? If yes, details of the same including compliance with regulation 37A of LODR Regulations | No |
| 8 | Additionally, in case of a slump sale, indicative disclosures provided for amalgamation/merger, shall be disclosed by the listed entity with respect to such slump sale | Not applicable |
| (1) | Turnover includes intercompany sales of USD 23 million. DRLL has only one manufacturing facility in Shreveport, Louisiana, USA. This facility is non-strategic for the Company with no future pipeline of products. No products/ANDAs are being divested as part of this transaction. Any products manufactured at the site are being tech-transferred based on commercial viability. |
| (2) | Net Worth is primarily comprised of Inventories and Inter-company receivables. These items are expected to be utilized/realized before the closing of the deal. |
| (3) | The % are computed excluding inter-company transactions. |