Board of Dr Reddys Laboratories approves borrowings up to Rs 2000 cr

At meeting held on 27 March 2020

Mar 27, 2020 05:03 IST capital market

The Board of Dr Reddys Laboratories at its meeting held on 27 March 2020 have approved borrowings by the Company, either through issuance of commercial papers, debentures, bonds and/or through bank credit lines, term loans including external commercial borrowings, as the Company may deem fit, up to an aggregate amount of Rs. 2,000 crore, in one or more tranches.

Further, the Board of Directors have also approved sale of the Contract Development and Manufacturing Organisation (CDMO) division of Custom Pharmaceutical Services (CPS) business of the Company, to its wholly owned step-down subsidiary, Aurigene Pharmaceutical Services (APSL), on slump sale basis, for a consideration of USD 72 million (equivalent INR for USD by applying the conversion rate prevailing as on the date of execution of the transaction).

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