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

 

January, 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 January 30, 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: January 30, 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

 

January 30, 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 under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

 

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform that the Board of Directors of the Company at its meeting held on January 30, 2024, has inter-alia approved the following:

 

a)

Investment in Aurigene Oncology Limited (“AOL”) (formerly Aurigene Discovery Technologies Limited), a wholly-owned subsidiary (“WOS”) of the Company

 

Approval of the fund infusion by way of investment in equity shares of Aurigene Oncology Limited (“AOL”) (formerly, Aurigene Discovery Technologies Limited), a wholly-owned subsidiary of the Company, upto an amount of Rs. 6,500 million, in one or more tranches, from time to time. AOL will make similar investment in equity shares of Aurigene Pharmaceutical Services Limited (“APSL”), a wholly-owned subsidiary of AOL and a step-down wholly-owned subsidiary of the Company, to support the capex and working capital requirements of APSL.

 

The requisite details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, will be disclosed to the stock exchange(s) after approval of the respective Board of the wholly-owned subsidiaries.

 

b)

Voluntary liquidation of Imperial Owners and Land Possessions Private Limited (formerly, Imperial Credit Private Limited), wholly-owned subsidiary of the Company

 

Approval of the voluntary liquidation of Imperial Owners and Land Possessions Private Limited (formerly, Imperial Credit Private Limited) (“Imperial”), wholly-owned subsidiary of the Company, in terms of the provisions of applicable laws and rules. Imperial is not a material subsidiary of the Company. As on March 31, 2023, Imperial had a net worth of Rs. 26.62 million and revenue from operation (net gain on fair value changes) of Rs. 1.47 million. The paid up capital of Imperial is Rs. 12.30 million divided into 123,000 equity shares of Rs. 100/- each. It may also be noted that the liquidation of Imperial, will not have any significant impact on the Company or its financials.

 

The requisite details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, will be disclosed to the stock exchange(s) after approval of the Board of Imperial, wholly-owned subsidiary of the Company.

 

 

 

  

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

 

c)

Changes in the composition of Board Committees of the Company

 

Approval of Induction of Mr. Sanjiv Mehta, Independent Director, as a member of Nomination, Governance and Compensation Committee, Sustainability and CSR Committee, and Science, Technology and Operations Committee, and Induction of Dr. Alpna Seth, Independent Director, as a member of Risk Management Committee. The details of chairperson and members of the said Board Committees are as hereunder:

 

Board Committees	Details of members/ chair after changes in the Committee composition
Nomination, Governance and  Compensation Committee	Ms. Kalpana Morparia, Independent Director – Chairperson Dr. K.P. Krishnan, Independent Director – Member Mr. Arun M Kumar, Independent Director – Member Mr. Leo Puri, Independent Director – Member Mr. Sanjiv Mehta, Independent Director – Member
Sustainability and CSR Committee	Dr. K.P. Krishnan, Independent Director – Chairman Ms. Kalpana Morparia, Independent Director – Member Mr. G V Prasad, Co-Chairman and Managing Director – Member Mr. Satish Reddy, Chairman – Member Mr. Sanjiv Mehta, Independent Director – Member
Science, Technology and Operation Committee	Dr. Claudio Albrecht, Independent Director – Chairman Mr. Leo Puri, Independent Director – Member Ms. Penny Wan, Independent Director – Member Dr. Alpna Seth, Independent Director – Member Mr. Sanjiv Mehta, Independent Director – Member
Risk Management Committee	Ms. Shikha Sharma, Independent Director – Chairperson, Ms. Penny Wan, Independent Director – Member Dr. Claudio Albrecht, Independent Director – Member Dr. Alpna Seth, Independent Director – Member

 

The Board Meeting commenced at 11.54 a.m. IST and concluded at 3.45 p.m. IST.

 

This is for your information and record.

 

Thanking you.

 

Yours faithfully,

For Dr. Reddy’s Laboratories Limited

 

/s/ K. Randhir Singh
K. Randhir Singh
Company Secretary, Compliance Officer & Head-CSR

 

 

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