However, when contacted, the Dr Reddy's spokesperson told Business Line that the company anticipates pricing to occur over the next few days subject to market conditions. On the deployment of the ADS proceeds, the spokesperson said, "We currently intend to use the net proceeds from the offering under this prospectus for general corporate purposes. These purposes may include geographic expansion, potential acquisitions of, or investments in, companies and technologies that complement our business, capital expenditures for increasing production capacities, addition of new capabilities, additions to our working capital and advances to our investments in our subsidiaries/ joint ventures."
As of November 3, the equity holding of promoters stood at 42.2 million shares, which translates into 27.53%. As per the distribution schedule by March 2006, foreign institutional investors were holding 28.46% stake and NRIs 2.23%, while the American depository receipts constituted 20.13% of the company's total equity.
Indian financial institutions were holding 7.22%, mutual funds 2.19%, while the Indian public and corporate together held 12.19% equity.
