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Dr Reddy's approves 1:1 bonus issue

Our Bureau

One equity share for every equity share held

Hyderabad , July 28

The 22nd annual general meeting of Dr Reddy's Laboratories Ltd has approved bonus issue of one equity share for every equity share held.

The company has fixed August 29, as the record date for the issue of bonus shares.

Addressing the AGM here on Friday, Dr K. Anji Reddy, the Chairman, explained the company's efforts in clinical development of molecules and research and development in breakthrough drugs.

Referring to the deal with Rheoscience to develop Balaglitazone (for the treatment of type 2 diabetes), he said findings appeared promising and hoped that the company could take it to phase three clinical development towards the end of the fiscal.

"Our research in this and some other therapeutic areas will address lifestyle diseases like atherosclerosis, diabetes, obesity and other metabolic disorders. All of them are linked in one way or other to cardiovascular diseases. I firmly believe that the next big breakthrough drug will be from one of these areas," Dr Reddy said.

Month-long campaign

Meanwhile, Dr Reddy's had donated Rs 10 lakh to Ms Indrani Rajadurai, Director (South) of Help Age. This was preceded by a month-long campaign `Nise Appeal' to celebrate ten years of company's pain relieving drug Nise. The campaign collected signatures of one lakh doctors and the company committed to donate Rs 10 each for every signature.

The company had become the first manufacturing company in India to become US SOX (Sarbanes Oxley Act). The Act call for tough internal controls over financial reporting by companies by March 31, 2007. "We have achieved this 10 months ahead of the deadline," Dr Reddy said.

Dr Reddy's Foundation has decided to scale up Grameen LABS (Livelihoods Advancement Business School) to 280 districts in the next few years after completing the pilot project targeting 35,000 youth in seven States.

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