Secondary Listing of Dr. Reddy’s ADRs on NSE IFSC Limited (GIFT City, Gujarat, India)
December 09 2020 - 4:20AM
Business Wire
Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE:
RDY referred to as “Dr. Reddy’s”) today announced the secondary
listing of its American Depository Receipts (ADRs) on NSE IFSC
Limited under the symbol ’DRREDDY’ on December 9, 2020.
NSE IFSC Limited is a recognized international stock exchange
established in the International Financial Services Centre
(“IFSC”), GIFT City Gujarat, India. IFSC is one of the permissible
jurisdictions where Depository Receipts can be listed, vide
circular no. SEBI/HO/MRD2/DCAP/CIR/P/2019/146 dated November 28,
2019 on Framework for issuance of Depository Receipts and IFSC
Authority circular no F. No. 87/IFSCA/DRs/2020-21 dated October 28,
2020 on Depository Receipts in the IFSC.
The said listing will provide a secondary platform (other than
NYSE Inc.) to overseas investors for trading in Dr. Reddy’s ADRs.
This is a secondary listing of ADRs that are currently issued by
J.P. Morgan Chase Bank N.A. under its ADR Deposit agreement with
Dr. Reddy’s, and no further capital raising or issuance of new
securities is involved.
The clearing and settlement of ADRs will be done by NSE IFSC
Clearing Corporation Limited through depository account maintained
with Clearstream using Internal (Clearstream to Clearstream),
Bridge (Clearstream-Euroclear) and Clearstream Domestic links to
American market for settlement with Depository Trust Company (DTC)
US settlement systems.
About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE:
500124, NSE: DRREDDY, NYSE: RDY) is an integrated pharmaceutical
company, committed to providing affordable and innovative medicines
for healthier lives. Through its three businesses - Pharmaceutical
Services & Active Ingredients, Global Generics and Proprietary
Products – Dr. Reddy’s offers a portfolio of products and services
including APIs, custom pharmaceutical services, generics,
biosimilars and differentiated formulations. Our major therapeutic
areas of focus are gastrointestinal, cardiovascular, diabetology,
oncology, pain management and dermatology. Dr. Reddy’s operates in
markets across the globe. Our major markets include – USA, India,
Russia & CIS countries, and Europe. For more information, log
on to: www.drreddys.com
Disclaimer: This press release may include statements of future
expectations and other forward-looking statements that are based on
the management’s current views and assumptions and involve known or
unknown risks and uncertainties that could cause actual results,
performance or events to differ materially from those expressed or
implied in such statements. In addition to statements which are
forward-looking by reason of context, the words "may", "will",
"should", "expects", "plans", "intends", "anticipates", "believes",
"estimates", "predicts", "potential", or "continue" and similar
expressions identify forward-looking statements. Actual results,
performance or events may differ materially from those in such
statements due to without limitation, (i) general economic
conditions such as performance of financial markets, credit
defaults , currency exchange rates, interest rates, persistency
levels and frequency / severity of insured loss events, (ii)
mortality and morbidity levels and trends, (iii) changing levels of
competition and general competitive factors, (iv) changes in laws
and regulations and in the policies of central banks and/or
governments, (v) the impact of acquisitions or reorganization,
including related integration issues, and (vi) the susceptibility
of our industry and the markets addressed by our, and our
customers’, products and services to economic downturns as a result
of natural disasters, epidemics, pandemics or other widespread
illness, including coronavirus (or COVID-19), and (vii) other risks
and uncertainties identified in our public filings with the
Securities and Exchange Commission, including those listed under
the "Risk Factors" and "Forward-Looking Statements" sections of our
Annual Report on Form 20-F for the year ended March 31, 2020. The
company assumes no obligation to update any information contained
herein.”
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version on businesswire.com: https://www.businesswire.com/news/home/20201209005395/en/
INVESTOR RELATIONS AMIT AGARWAL amita@drreddys.com (PH:
+91-40-49002135)
MEDIA RELATIONS APARNA TEKURI aparnatekuri@drreddys.com
(PH: +91-40-49002446)
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