Dr Reddy's to delist OctoPlus from bourses

The Indian drug makers have acquired 98.6% of The company's shares

Dr Reddy's Laboratories, which is in the process of acquiring Netherlands-based speciality pharma company OctoPlus NV for about $27.4 million, will seek to delist the entity from Euronext as the Indian drug makers have acquired 98.6% of its shares.

According to a press release issued by DRL, it will initiate squeeze-out proceedings or takeover squeeze-out proceedings in order to acquire the remaining shares not tendered and not held by it or OctoPlus.

"As a result of the acquisition of more than 95% of the shares by the offeror (Dr Reddy's), the offeror and OctoPlus will jointly request NYSE Euronext Amsterdam to terminate the listing and trading of the shares on NYSE Euronext Amsterdam as soon as possible," it said.

On October 22 last year, the Indian drug major had announced the decision to acquire OctoPlus NV for about 27.4 million euros (about Rs 193 crore).

As per the agreement, DRL made an open offer to purchase all outstanding shares of OctoPlus at an offer price of 0.52 euro in cash for each share.

The Extraordinary General Meeting of OctoPlus held last month approved the appointment of GV Prasad and R Ananthanarayana to the Supervisory Board of the Netherlands pharma company.