Dr. Reddy's Research and Development BV to sell certain assets at Leiden, The Netherlands

As part of the larger productivity initiatives, Dr. Reddy's Research and Development B. V., (DRRDBV) a wholly owned subsidiary of the Company has entered into an Asset Purchase Agreement for sale of its certain assets and liabilities including transfer of employees at its site at Leiden, The Netherlands.

As the current asset purchase agreement is for sale of its certain assets and liabilities including employee's transfer, details of revenue, net income and net worth are not applicable.

The agreed consideration for the assets and liabilities of the said site is EUR 1.

Further DRRDBV has agreed to pay to the purchaser a compensation of EUR 11.35 million for certain operating expenses related to the site. The compensation would be increased by an amount of EUR 150,000 upon satisfaction of certain conditions. Post this, no further payment would be made to the purchaser.

Shares of Dr. Reddy's Laboratories Limited was last trading in BSE at Rs. 4309.30 as compared to the previous close of Rs. 4471.30. The total number of shares traded during the day was 33666 in over 4809 trades.

The stock hit an intraday high of Rs. 4459.85 and intraday low of 4262.95. The net turnover during the day was Rs. 146411484.00.

Source : Equity Bulls

Keywords

DrReddysLaboratories INE089A01023 RDY Netherlands Leiden DrReddysResearchandDevelopment AssetSale