Full Press Release Details
| 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 |
National Stock Exchange of India Ltd. (Stock Code:
BSE Limited (Stock Code: 500124)
New York Stock Exchange Inc. (Stock Code: RDY)
NSE IFSC Ltd. (Stock Code: DRREDDY)
In terms of Regulation 30 of the SEBI Listing
Regulations and in furtherance to our letter dated July 29, 2022, we would like to inform you that Imperial Credit Private Limited ("Imperial"),
a Non-Banking Finance Company ("NBFC") and a wholly-owned subsidiary of the Company, was acquired by the Company in FY2017
for setting up captive insurance business. However, Imperial could not achieve the desired purpose.
Further, the Board of Directors of the Company
at its meeting held on July 28, 2022, had approved the sale of its investment in Imperial. However, the transfer of 100% shareholding
of an NBFC is not viable. Therefore, the Board of Directors of Imperial at its meeting held on March 23, 2023, has decided to surrender
the Certificate of Registration ("CoR") of Imperial, as an NBFC.
Please further note that Imperial is not a material
subsidiary of the Company. As on March 31, 2022, Imperial had a net worth of Rs. 25.52 million and turnover of Rs. 0.93 million. It may
also be noted that the surrender of the said NBFC CoR by Imperial, will not have any significant impact on the Company or its financials.
Kindly take the above on your record.
For Dr. Reddy's Laboratories Limited
| /s/ K Randhir Singh | |
| K Randhir Singh |
Company Secretary, Compliance Officer and Head