Drug major Dr Reddy’s Laboratories on Friday said it has received shareholders nod for proposed amalgamation of Dr Reddy’s Holdings Ltd into the company.
The resolution for the scheme was approved by 99.98 per cent votes of the total 13.10 crore votes casted by equity shareholders of the company, it said in a regulatory filing.
21,026 votes, which accounted for the rest 0.02 per cent, were posted against the resolution, it added.
The voting was conducted as per the directions of the Hyderabad Bench of the National Company Law Tribunal on November 22, 2019.
The meeting of equity shareholders was convened on January 2, 2020.
The board of Dr Reddy’s Laboratories had on July 29, 2019, approved the amalgamation of Dr Reddy’s Holdings Ltd, an entity held by the promoter group which holds 24.88 per cent equity shares of Dr Reddy’s Laboratories, into the company.
The scheme would lead to simplification of the shareholding structure and reduction of shareholding tiers, the company had said.
“The Promoter Group cumulatively will continue to hold the same number of shares in the Company, pre and post the amalgamation,” it had said.
Shares of Dr Reddy’s Laboratories on Friday settled at Rs 2,888.90 on the BSE, up 0.87 per cent from its previous close.
Source: Business-Standard