Dr Reddys' announces Issuance of additional American Depositary Shares

Dr Reddys Laboratories Ltd on November 29 2006 has announced, the issuance of an additional 1,800,000 American Depositary Shares ("ADS") to the underwriters at a public offer price of US$16.00 per ADS pursuant to the exercise of the over-allotment option that the Company had granted to the underwriters in a previously announced offering completed on November 22, 2006. A total of 14,300,000 ADSs have been issued under the offering (including this issuance).

On November 16, 2006, the Company announced the pricing of the public offering of 12,500,000 ADSs (excluding the underwriter’s over-allotment option) at a public offer price of US $ 16.00 per ADS. The final prospectus supplement was filed with the Securities and Exchange Commission on November 17, 2006 and the offering was completed on November 22, 2006. The underwriters had the option to purchase up to an additional 1,800,000 ADSs within 30 days starting November 22, 2006.

Source : Equity Bulls

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