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Dr Reddy’s Laboratories Ltd today announced the secondary listing of its American Depository Receipts (ADRs) on NSE IFSC Limited under the symbol ‘DRREDDY’.
NSE IFSC Limited is a recognised international stock exchange established in the International Financial Services Centre (IFSC), GIFT City, Gujarat, India. IFSC is one of the permissible jurisdictions where Depository Receipts can be listed.
In a regulatory filing made with BSE, Dr Reddy’s said the listing will provide a secondary platform (other than NYSE Inc) to overseas investors for trading in Dr Reddy’s ADRs.
This is a secondary listing of ADRs that are currently issued by JP Morgan Chase Bank N.A. under its ADR Deposit agreement with Dr Reddy’s, and no further capital raising or issuance of new securities is involved.
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The clearing and settlement of ADRs will be done by NSE IFSC Clearing Corporation Limited through depository account maintained with Clearstream using Internal (Clearstream to Clearstream), Bridge (Clearstream-Euroclear) and Clearstream Domestic links to American market for settlement with Depository Trust Company (DTC) US settlement systems, said the filing with the regulator.
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