By: IPP Bureau
Last updated : September 30, 2024 9:35 am
The Board of Directors of the Dr. Reddy's Laboratories Limited has approved the fund infusion by way of investment in preference shares of Dr. Reddy’s Laboratories SA, Switzerland (DRL SA), a wholly-owned subsidiary of the company, upto an amount of GBP 500 million (US $640 million).
The company has made an investment of US $620 million in line with above intimation and DRL SA has allotted 6,200,000 non-convertible preference shares each with a nominal value of US $100 to the company on September 27, 2024.
The fund infused by the company into Dr. Reddy's SA will be used for the acquisition of Nicotinell and related brands by way of acquisition of all of the quotas of Northstar Switzerland SARL incorporated in Switzerland owned by the Haleon Group, the filing added.