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Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”): Update on joint venture between Nestlé India Limited and Dr. Reddy’s Laboratories Limited – Acquisition of equity shares of the JV Company
The Company has informed BSE and NSE that further to our letter no. PKR:SG 52:24 dated 25th April 2024 and PKR:SG: 73:24 dated 24th July 2024, regarding execution of a definitive agreement dated 25th April 2024 (“JV Agreement”) to form a joint venture between Nestlé India Limited (“Nestlé India”) and Dr. Reddy’s Laboratories Limited (“DRL”) and acquisition of 49,000 equity shares of Rs. 10/- each of “Dr. Reddy’s and Nestlé Health Science Limited” (formerly, Dr. Reddy’s Nutraceuticals Limited) (“JV Company”) by Nestlé India from DRL, this is to inform you that as per the JV Agreement:
1. Nestlé India has subscribed 70,55,51,000 equity shares of Rs. 10/- each, at par, of the JV Company, on Rights basis. Post acquisition of aforesaid equity shares, out of the total paid-up share capital of the JV Company, Nestlé India continues to hold 49% shareholding, comprising of 70,56,00,000 equity shares of the face value of Rs. 10/- each and DRL also continues to hold 51% shareholding, comprising of 73,44,00,000 equity shares of the face value of Rs. 10/- each. The details required under the Listing Regulations read with SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July 2023 is enclosed as Annexure-I.
2. Nestlé India has executed a Business Transfer Agreement (“BTA”) for the slump sale of its existing medical nutrition and nutraceuticals (“NHSc”) Business to the JV Company, at a lumpsum consideration of Rs. 218,90,00,000 (Rupees two hundred eighteen crore and ninety lakh only). The details required under the Listing Regulations read with SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13th July 2023 is enclosed as Annexure-II.