DRL gets the approval of the shareholders to merge DRHL itself
Hyderabad: the city-based Dr. Reddy's Laboratories pharmaceutical laboratory reported on Friday to companies that received approval from its unsecured shareholders and creditors for the proposed merger scheme of Dr Reddy's Holdings Ltd (DRHL) in the company . The vote was held at a meeting held by the company on Thursday according to the orders of the Hyderabad Bank of the National Court of Corporate Law.
The resolution for the merger was passed with 99.98% of the total 13.11 million votes cast by shareholders in favor of the scheme and only 0.02% (21,026) votes cast against the resolution, the company said in a regulatory document.
At the meeting of unsecured creditors, 74 of them voted in favor of the amalgamation scheme with 12,596,770,778, while the 13,843,506 votes cast by a creditor were declared invalid.
On July 29, 2019, the company's board of directors approved the merger of DRHL, an entity of the promoter group that has a 24.88% stake in Dr. Reddy's Laboratories in the company.
The scheme would lead to the simplification of the shareholding structure and the reduction of participation levels, DRL He had said in a regulatory presentation on July 29. The Promoter Group will continue to accumulate the same number of shares in the Company, before and after the merger, it had said in its presentation at that time. TNN