Dr Reddy's Laboratories to surrender certificate of registration of NBFC arm

Dr Reddy's Laboratories to surrender certificate of registration of NBFC arm

The pharmaceutical company also said that the surrender of the non-banking financial company would not have any significant impact on the company or its financials

FPJ Web DeskUpdated: Friday, March 24, 2023, 01:50 PM IST
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Dr Reddy's Laboratories to surrender certificate of registration of NBFC arm | Image: Dr. Reddy's (Representative)

Dr. Reddy's Laboratories Ltd stated that the Board of Directors has decided to surrender the certificate of registration of Imperial Credit Pvt Ltd as a non-banking finance company, in an exchange filing today.

Imperial Credit Pvt Ltd is a wholly-owned subsidiary of the company and was acquired in 2016-17 (Apr-Mar) to set up a captive insurance business.

In July, the board approved the sale of its investment in Imperial Credit. However, the transfer of 100% shareholding of a non-banking financial company is not viable, the filing said.

It also said Imperial Credit is not a material subsidiary of the company. Imperial Credit had a net worth of 25.52 million rupees and a turnover of 930,000 rupees as of March 31.

The pharmaceutical company also said that the surrender of the non-banking financial company would not have any significant impact on the company or its financials.

The shares of Dr. Reddy's Laboratories were up 0.4% at ₹4,466.15 on NSE at 10:50 IST.

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