Dr Reddy’s announces secondary listing of ADRs on NSE IFSC, GIFT City, Gujarat

Dr Reddy’s Laboratories announced the secondary listing of its American Depository Receipts (ADRs) on NSE IFSC  under the symbol ’DRREDDY’ on December 9, 2020.

NSE IFSC 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, vide circular no. SEBI/HO/MRD2/DCAP/CIR/P/2019/146 dated November 28, 2019, on Framework for issuance of Depository Receipts and IFSC Authority circular no F. No. 87/IFSCA/DRs/2020-21 dated October 28, 2020, on Depository Receipts in the IFSC.

The said listing will provide a secondary platform (other than NYSE) to overseas investors for trading in Dr Reddy’s ADRs. This is a secondary listing of ADRs that are currently issued by J.P. Morgan Chase Bank NA under its ADR Deposit agreement with Dr Reddy’s, and no further capital raising or issuance of new securities is involved.

The clearing and settlement of ADRs will be done by NSE IFSC Clearing Corporation through depository account maintained with Clearstream using Internal (Clearstream to Clearstream), Bridge (Clearstream-Euroclear) and Clearstream Domestic links to the American market for settlement with Depository Trust Company (DTC) US settlement systems.