DRL promoters may hike holding
Drugmaker Dr Reddy’s Laboratories founder and chairman K Anji Reddy on Monday said he was looking at raising promoter holding in the company further to enhance value for shareholders.
By ET Bureau |
HYDERABAD: Drugmaker Dr Reddy���s Laboratories founder and chairman K Anji Reddy on Monday said he was looking at raising promoter holding in the company further to enhance value for shareholders.
In August this year, the promoter group firm ��� Dr Reddy���s Laboratories Holdings ��� raised its stake 22.46% to 22.82% through open market purchases. It acquired 1,95,348 equity shares, representing a 0.11% stake in the company for Rs 11.36 crore.
���I will consider raising promoter holding further when the opportunity arises. The quantum of hike would depend on our cash-flow position,��� said K Anji Reddy. There are several options the company could resort to including share buyback.
The total promoter holding in the group is 25.48% as against 25.12% at the end of June 2008. The company���s shares took a massive drubbing on Monday, following reports that Dr Reddy���s may delay the sale of new diabetes drug Balaglita zone due to financial troubles at Rheoscience, the Danish company conducting the drug���s clinical trails.
���I have received a formal communication from Mark Thorsen, chairman, Rheosciences, saying he was not planning to liquidate or close the company and that he fully intends to live up to the commitment on Balaglitazone. The study will continue as planned as fund flows will continue. The first round of phase III clinical trails will be completed by June 2009,��� Mr Reddy said.
In August this year, the promoter group firm ��� Dr Reddy���s Laboratories Holdings ��� raised its stake 22.46% to 22.82% through open market purchases. It acquired 1,95,348 equity shares, representing a 0.11% stake in the company for Rs 11.36 crore.
���I will consider raising promoter holding further when the opportunity arises. The quantum of hike would depend on our cash-flow position,��� said K Anji Reddy. There are several options the company could resort to including share buyback.
The total promoter holding in the group is 25.48% as against 25.12% at the end of June 2008. The company���s shares took a massive drubbing on Monday, following reports that Dr Reddy���s may delay the sale of new diabetes drug Balaglita zone due to financial troubles at Rheoscience, the Danish company conducting the drug���s clinical trails.
���I have received a formal communication from Mark Thorsen, chairman, Rheosciences, saying he was not planning to liquidate or close the company and that he fully intends to live up to the commitment on Balaglitazone. The study will continue as planned as fund flows will continue. The first round of phase III clinical trails will be completed by June 2009,��� Mr Reddy said.
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