6-K

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

September, 2023

Commission File Number 1-15182

DR. REDDY’S LABORATORIES LIMITED

(Translation of registrant’s name into English)

8-2-337, Road No. 3, Banjara Hills

Hyderabad, Telangana 500 034, India

+91-40-49002900

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x                               Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ______

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ______

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨                               No x

If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-________.

EXHIBITS

Exhibit Number	Description of Exhibits
99.1	Disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Incorporation of a step down wholly-owned subsidiary

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	DR. REDDY’S LABORATORIES LIMITED (Registrant)
Date: September 28, 2023	By:	/s/ K Randhir Singh
		Name:  K Randhir Singh
		Title:    Company Secretary

EX-99.1

Exhibit 99.1

Dr. Reddy’s Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana,
India. CIN : L85195TG1984PLC004507     Tel      : +91 40 4900 2900 Fax     : +91 40 4900 2999 Email : mail@drreddys.com www.drreddys.com

September 28, 2023

National Stock Exchange of India Ltd. (Scrip Code: DRREDDY-EQ)

BSE Limited (Scrip Code: 500124)

New York Stock Exchange Inc. (Stock Code: RDY)

NSE IFSC Ltd (Stock Code: DRREDDY)

Dear Sir/Madam,

Sub: Disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Incorporation of a step down wholly-owned subsidiary

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), as amended, we hereby inform that Dr. Reddy’s Laboratories SA, in Switzerland, a wholly-owned subsidiary of the Company, has incorporated a wholly-owned subsidiary in Jamaica, named “Dr. Reddy’s Laboratories Jamaica Limited”. Accordingly, Dr. Reddy’s Laboratories Jamaica Limited is a step-down wholly-owned subsidiary of the Company.

The details required under Regulation 30 of the SEBI Listing Regulations, read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, and SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, with respect to the above incorporation of a step down wholly-owned subsidiary is given in Annexure enclosed herewith.

This is for your information and records.

Thanking you.

Yours faithfully,

For Dr. Reddy’s Laboratories Limited

K Randhir Singh

Company Secretary, Compliance Officer and Head-CSR

Encl: as above

Annexure

Disclosure under Part A Para A(i) of Schedule III read with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015

S. No	Particulars	Description
1	Name of the target entity, details in brief such as size, turnover etc.	Dr. Reddy’s Laboratories SA, in Switzerland, a wholly-owned subsidiary of the Company, has incorporated a wholly-owned subsidiary in Jamaica, named “Dr. Reddy’s Laboratories Jamaica Limited”. Accordingly, Dr. Reddy’s Laboratories Jamaica Limited is a step-down wholly-owned subsidiary of the Company. Authorized capital: USD 5,000,000 Paid up capital: USD 3,000,000 Size/Turnover: Not applicable
2	Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arms-length”.	The NewCo. is a related party of the Company after its incorporation. Save and except as mentioned above, the promoter/ promoter group/ group companies are not interested in the proposed NewCo.
3	Industry to which the entity being acquired belongs.	Pharmaceuticals
4	Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity)	The NewCo. will be engaged in importation, warehousing, distribution and exportation of pharmaceuticals. The business of the proposed NewCo. is not outside the main line of business of the Company.
5	Brief details of any governmental or regulatory approvals required for the acquisition.	Not applicable. NewCo. has been incorporated post receiving necessary approvals from Pharmacy Council of Jamaica (PCJ).
6	Indicative time period for completion of the acquisition.	Not Applicable
7	Nature of consideration- whether cash consideration or share swap and details of the same.	Cash Consideration
8	Cost of acquisition or the price at which the shares are acquired.	Dr. Reddy’s Laboratories SA will be paying cash consideration amounting to USD 3,000,000 to the proposed NewCo. towards subscription of 100% shareholding.
9	Percentage of shareholding / control acquired and / or number of shares acquired.	100% ownership of Dr. Reddy’s Laboratories SA, wholly-owned subsidiary of the Company.
10	Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief)	The NewCo. will be engaged in importation, warehousing, distribution and exportation of pharmaceuticals. The certificate of incorporation dated September 25, 2023, from the Registrar of Companies, Jamaica, has been received by the Company on September 27, 2023, at 23:51 IST. Further, the said step down wholly-owned subsidiary has been incorporated as a Limited Company, in Jamaica.