Dr Reddy's Laboratories Ltd is all set to raise $235 million in the overseas market through the issue of American depository shares (ADS).

The company announced that it has filed a shelf registration statement on Form F-3 with the United States Securities and Exchange Commission relating to a proposed offering of ADSs of up to 13.5 million shares, excluding the underwriter's over-allotment option.

In a press release here, the company said the Form F-3 filed on Monday does not contain any information regarding the terms and conditions of the proposed ADS offering. Further, the company said it would file a prospectus supplement with the US market regulator in due course.

According to sources, the company filed the prospectus supplement with the SEC on Tuesday and also kicked off the road shows for the proposed ADS issue, which is being jointly managed by Merrill Lynch and Citibank.

Though the company did not disclose the exact size of funds to be raised, markets guessed it could be in the range of at least $235 million, taking into consideration the current price of ADS on the New York Stock Exchange at around $17.5 per ADS and the proposed issue size of 13.5-million shares.

Contd on page 2.....