Dr.Reddy's raises Rs129cr via addl ADS sale

Dr Reddy's Laboratories announced the issuance of an additional 1,800,000 American depositary shares (ADS) to the underwriters at a public offer price of $16.00 per ADS to cover over-allotments. The company completed its public offering of $12.5 million ADS on November 22. A total of 14,300,000 ADSs have been issued under the offering.

The company had announced the pricing of the public offering of 12,500,000 ADS at a public offer price of $ 16.00 per ADS on November 16. The next day on November 17 the final prospectus supplement was filed with the Securities and Exchange Commission and the offering was completed on November 22.

However the option to purchase up to an additional 1,800,000 ADS within 30 days starting November 22 was given to the underwriters.

Dr Reddy's Laboratories established in 1984 is a global pharmaceutical company, produces finished dosage forms, active pharmaceutical ingredients and biotechnology products and markets them globally, with focus on India, US, Europe and Russia. The company also conducts research in areas of diabetes, cardiovascular, anti-infectives, inflammation and cancer.