Dr Reddys Laboratories Ltd signs for consumption of renewable energy

Dr. Reddy's Laboratories Limited (the "Company") has entered into a Security Subscription and Shareholders' Agreement for consumption and supply of renewable energy, with TEQ Green Power XI Private Limited and O2 Power SG Pte Ltd, for investment in O2 Renewable Energy IX Private Limited ("SPV").

The arrangement for accessing such renewable power will be done through a partnership with TEQ Green Power XI Private Limited and/or its affiliate with security holding ratio of 26% by the Company and 74% by TEQ Green Power XI Private Limited and/or its affiliate, in the SPV.

The Company has the right to nominate 1(one) Director on the Board of SPV, receive first offer in case of transfer of securities of SPV to any third party, right to restrict capital restructuring, except otherwise defined, etc.

The Company and TEQ Green Power XI Private Limited and/or its affiliate will invest in SPV in the ratio of 26:74.

Shares of Dr. Reddy's Laboratories Limited was last trading in BSE at Rs. 5090.35 as compared to the previous close of Rs. 5144.70. The total number of shares traded during the day was 25831 in over 2871 trades.

The stock hit an intraday high of Rs. 5162.25 and intraday low of 5077.70. The net turnover during the day was Rs. 131654099.00.

Source : Equity Bulls

Keywords

DrReddysLaboratories INE089A01023 Investment PowerConsumption O2RenewableEnergyIX