Dr Reddys Board recommends 75% final dividend

Dr Reddys Laboratories Ltd has announced that the Board of Directors of the Company at its meeting held on May 18, 2007, inter alia, has transacted the following :

1. The Board of Directors has recommended a final dividend of 75% of face value of Rs 5 on the enhanced share capital due to bonus issue in August 2006.

2. The Board of Directors has appointed Dr. J P Moreau as Additional Director on the Board of the Company.

3. The compensation committee has granted 466,460 stock options including 87,500 ADR linked stock options to the employees of the Company. The shares covered by such options are 466,460. The options have been granted at a price of Rs 5 per option. The options may be exercised in a phased manner after the vesting period of 12 months but before completion of five years from the date of vesting.

The stock closed the day at Rs.665.75, down by Rs.12.10 or 1.79%. The total traded quantity was 657148 compared to 2 week average of 293547. The stock hit an intraday high of Rs.684.80 and low of Rs.653.

Source : Equity Bulls

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