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Dr. Reddy's to raise $260 million in U.S. share sale
By agencies
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Wednesday, 15 November 2006, 20:30 IST
Hong Kong: Indian drug maker Dr. Reddy's Laboratories plans to raise roughly $260 million in a U.S. share sale this week, according to a document with deal details obtained by Reuters on Tuesday.
Dr. Reddy's has applied to sell 13.5 million American Depository Receipts (ADRs) with an over-allotment option of 1.5 million ADRs, the document said.
The sale will price after the close of New York Stock Exchange trading on Thursday and is being handled by Citigroup and Merrill Lynch. Dr. Reddy's U.S.-listed shares closed up less than 0.3 percent at $17.50 in New York on Monday. India's Infosys Technologies Ltd. recently announced plans to sell around $1.5 billion worth of ADRs as Indian companies raise their international profiles.