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DRL gets Euronext nod for delisting of OctoPlus

DRL gets Euronext nod for delisting of OctoPlus
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Hyderabad: Pharma major Dr Reddy's Laboratories, which acquired Netherlands-based OctoPlus NV for Rs 193 crore, on Tuesday said the delisting of the...

Hyderabad: Pharma major Dr Reddy's Laboratories, which acquired Netherlands-based OctoPlus NV for Rs 193 crore, on Tuesday said the delisting of the subsidiary's shares in Euronext had been approved by NYSE Euronext Amsterdam. "OctoPlus NV announces that, following the acquisition of 98.6 per cent of all issued and outstanding ordinary shares in the company by Reddy Netherlands BV, a fully-owned subsidiary of Dr Reddy's Laboratories Ltd, delisting of the shares was approved by NYSE Euronext Amsterdam," DRL said in a statement. The delisting of the shares will take effect on April 16, 2013. The last trading day will be April 15, 2013. DRL said it is reminding shareholders that following delisting, shareholders will no longer be able to trade the shares via the NYSE Euronext Amsterdam stock exchange in the usual way.A Furthermore, it remains uncertain if, to what extent, under which conditions and at what cost, processing of the shares in the 'Euroclear Giro system' may be continued after delisting, it added. DRL had earlier said it would seek to delist the European company from Euronext, as the Indian drug makers acquired 98.6 per cent shares. On October 22 last year, the company announced that it had decided to acquire OctoPlus NV, for 27.4 million euros (about Rs 193 crore). As per the agreement, DRL made an open offer to purchase all outstanding shares of OctoPlus at an offer price of 0.52 euro in cash for each share. The EGM of OctoPlus held in January, approved the appointment of GV Prasad and R Ananthanarayana to the Supervisory Board of the OctoPlus.
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