Mumbai: Domestic pharma major Dr Reddy’s Labs has said that a promoter group firm Dr Reddy’s Laboratories Holdings Pvt Ltd has increased its stake in the company to 22.82% through open market purchase.
Dr Reddy’s Holdings Pvt Ltd acquired 1,95,348 equity shares representing 0.11% stake in the company through open market transactions, Dr Reddy’s Labs said in a disclosure to the Bombay Stock Exchange.
The market purchase of shares, for an amount of about Rs11.36 crore, was conducted through DSP Merrill Lynch.
DSP Merrill Lynch itself has no stake in Dr Reddy’s Holdings Pvt Ltd.
Pursuant to the acquisition, the holding company’s stake in Dr Reddy’s Labs has increased to 22.82%.
At the end of June, Dr Reddy’s Holdings held 22.46% stake in the company.
Shares of Dr Reddy’s were trading at Rs595, up 0.93% in the afternoon trade on the BSE.