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History of Cheminor Drugs Ltd.

1981

- The Comp. was incorporated on 21st December, in the name & style of `Cheminor Drugs Pvt. Ltd.' with the main object of acquiring 'Pharmin Chemicals' a partnership firm. It was promoted by Dr. Anji K. Reddy & Murali K. Divi an NRI.

- Till date 2,000 shares issued without payment in cash. 17,20,000 shares issued as bonus shares in prop. 2:1.

1989

- It was converted into a public limited Comp. on 29th June, & a Certificate of change of name dated 6th July, was received by the Company.

- New products such as Diltiazem an anti-anginal & anti hypersensitive drug was manufactured & efforts were on to undertake manufacture of Ondansetron, Halofantrine & Ketotifen.

- The Comp. issued 1,32,500 - 14% secured fully convertible debentures of Rs 420 each, of which, the following debentures were issued on preferential allotment basis:

- [is] 6,625 debentures to employees/working directors of Company [only 6,620 debentures taken ups] and

- [iis] 50,000 to NRIs on repatriation basis [all were taken ups]. The balance 75,875 debentures along with 5 debentures not taken up by employees were offered for public subscription during Nov. [all were taken ups].

- Rs 100 of face value of each debenture was converted into 5 No. of equity shares of Rs 10 each at a premium of Rs 10 per share on allotment of debentures. Accordingly 6,62,500 shares were allotted. The remaining Rs 320 of face value of each debenture was converted into 9,27,010 No. of equity shares of Rs 10 each at a premium of Rs 35.71 per share.

1991

- The Comp. introduced import substitution drug intermediates cyclopropylamine & N Methyl-4-Piperidone.

- The Comp. proposed to enhance its existing capacity & also undertake manufacture of other critical drugs.

1994

- The Comp. undertook to set up a 100% Export Oriented Formulation unit at Bachepally village in Ranga Reddy district of A.P.

- Globe Organics Ltd., was amalgamated with the Comp. effective from 1st April.

- Reddy Cheminor Inc. was set up as a marketing subsidiary in the USA to carve a niche for itself in the world market. Subsequently Reddy Cheminor S.A. was incorporated in France as a subsidiary of Reddy Cheminor Inc. USA to cater to the requirements of European market.

- The Comp. proposed to invest in the common stock of Reddy Cheminor S.A. France to make it direct subsidiary of company.

1995

- The Comp. entered into a long term alliance with Pharmaceutical Resources Inc. [PRIs] for supply of certain key bulk active ingredients and finished dosage forms. The Comp. would manufacture the products to be supplied to PRI at its state-of-art-plants.

- 45,44,755 bonus equity shares issued in prop. 1:2.

1997

- The Comp. entered into a strategic alliance with Schein Pharmaceutical Inc. USA thereby positioning itself strategically in the generic business. Schein was allotted 2 million equity shares of the company which was 12.79% of equity of US $ 5 per shares.

- Authorised capital reclassified. 20,00,000 No. of equity shares issued.

- Cheminor Drugs, part of Dr.Reddy group, has signed a letter of intent with the Netherlands Comp. - DSM Andeno - for establishment of a new joint venture [50:50s] in India for pharmaceutical intermediaries and active ingredients, which will be marked worldwide.

1998

- United States Food & Drug Administration [USFDAs] inspected the Company formulation division & accorded a tentative marketing approval for Ranitidine 75 mg.

- The Comp. proposed to invest in the common stock of Reddy Cheminor S.A. France to make it direct subsidiary of company.

- The Comp. issued 20,00,000-17.30% secured redeemable non-convertible debentures of Rs. 100 each. Further, the Comp. also issued 10,00,000-16.25% secured redeemable non-convertible debentures of Rs. 100 each which will be redeemed at par in 12 quarterly instalments commencing from 15.08.2001.

- The new capacity for manufacturing 8.28 lakh kg of bulk drug and intermediates was set up in the second half of last year.

- Cheminor 75 per cent-owned subsidiary, the New Jersey-based Reddy-Cheminor, is busy fighting an anti-trust claim that was dismissed in the US state court in favour of Ethyl.

1999

- The Hyderabad-based Cheminor Drugs has filed an abbreviated new drug application [ANDAs] in the US for fluoxetine hydrochloride, an anti-depressant.

2000

- The Share swap ratio for merger of Cheminor Drugs with Dr. Reddy Laboratories [DRLs] has been fixed at 9:25.