Hyderabad: Dr Reddy’s Laboratories Ltd, which has completed the acquisition of the Netherlands-based OctoPlus NV for €27.4 million, has said delisting of the subsidiary’s shares in Euronext has been approved by NYSE Euronext Amsterdam.

“OctoPlus NV announces that, following the acquisition of 98.6% 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 16 April 2013. The last trading day will be 15 April 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.

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% shares.

According to an earlier statement, it will initiate squeeze-out proceedings or takeover squeeze-out proceedings in order to acquire the remaining shares not tendered and not held by it or OctoPlus.

On 22 October last year, the Indian drug major announced that it has decided to acquire OctoPlus NV, for about €27.4 million (about 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 in cash for each share. The Extraordinary General Meeting of OctoPlus held in January, approved the appointment of G.V. Prasad and R. Ananthanarayana to the supervisory board of the Netherlands pharma company.