Secondary Listing of Dr. Reddy's ADRs on NSE IFSC Limited - GIFT City, Gujarat, India

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.

Shares of DR.REDDY'S LABORATORIES LTD. was last trading in BSE at Rs.5014.15 as compared to the previous close of Rs. 5026. The total number of shares traded during the day was 42390 in over 3807 trades.

The stock hit an intraday high of Rs. 5081.4 and intraday low of 4960. The net turnover during the day was Rs. 213276727.

Source : Equity Bulls

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