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Dr Reddy's fixes ADS price at $16
Dr Reddys Laboratories Ltd has announced the pricing of the public offering of 12.5-million (excluding the underwriters over-allotment option) American Depositary Shares (ADS) at $16 per ADS.
Dr Reddys Laboratories Ltd has announced the pricing of the public offering of 12.5-million (excluding the underwriters over-allotment option) American Depositary Shares (ADS) at USD 16 per ADS.
In a press release here on Friday, the company said the offering is expected to close on November 22.
At this price, the company would now be in a position to raise funds of USD 200 million as against the market expectations of around USD 240 million. The issue size is also one million shares less than what the company proposed earlier.
The company had earlier on November 13 filed a shelf registration statement on Form F-3 and preliminary supplement prospectus with the US Securities and Exchange Commission (SEC) relating to a proposed offering of American Depositary Shares of up to 13.5 million shares, excluding the underwriters' over-allotment option.
The Dr Reddy's scrip suffered a loss of Rs 38 or 5.01% on the Bombay Stock Exchange on Friday. The scrip, which opened at Rs 770, witnessed the day's lowest price of Rs 725.25 and closed at Rs 735.70.
At this price, the company would now be in a position to raise funds of USD 200 million as against the market expectations of around USD 240 million. The issue size is also one million shares less than what the company proposed earlier. 
