<PAGE>
                                                                     Exhibit 4.4

                          REDDY U.S. THERAPEUTICS, INC.
                            2003 SHARE PURCHASE PLAN


                                    Article 1
                                  Introduction

      The purpose of this Reddy U. S. Therapeutics Inc. 2003 Share Purchase Plan
(the "U.S. Plan 2003") is to provide employees, consultants and directors of
Reddy U. S. Therapeutics, Inc. ("RUS") and its majority-owned subsidiaries
(collectively, the "Employing Companies" or, individually, the "Employing
Company") who are resident in the United States with an opportunity to acquire
shares in Dr. Reddy's Laboratories Ltd. ("DRL") and to benefit from any
appreciation thereof, thus providing an increased incentive for these employees,
consultants and directors to contribute to the future success and prosperity of
DRL, RUS and their subsidiaries and affiliates.

                                    Article 2
                                    The Plan

      The U.S. Plan 2003 is part of an initiative established by DRL to enable
the purchase of its stock by its employees and the employees of its subsidiaries
and affiliates. This plan is adopted effective as of November 10, 2003, in
connection with the proposed reorganization of RUS pursuant to that certain
AMENDED AND RESTATED STOCK SWAP AGREEMENT AND PLAN OF REORGANIZATION, dated as
of December 2, 2003, by and among DRL, Reddy Antilles, N.V., and individual
shareholders of RUS, and to permit participants in Reddy U. S. Therapeutics,
Inc. 2000 Stock Option Plan to continue to benefit from their contribution to
DRL and its subsidiaries and affiliates.

                                    Article 3
                                   Eligibility

      Individuals eligible for the U.S. Plan 2003 ("Participants") are those
who: (1) are resident in the United States, (2) are employed by or serving as a
director, employee or consultant of an Employing Company as defined in Article
1, and (3) are selected by the Board of Directors of DRL for participation in
the U.S. Plan 2003.

                                    Article 4
                                      Terms

      Each Participant may purchase shares of DRL, either in the form of shares
or American Depositary Shares ("ADSs") (which may be newly issued or purchased
on the open market) representing DRL shares. Such shares may be purchased at a
discount from their market price, which discount, if any, shall be determined by
the Board of Directors of DRL. The consideration for such shares may be cash,
the waiver of rights to other securities, or such other consideration as the
Board of Directors of DRL shall determine. The number of shares or ADSs that may
be purchased by each Participant shall be determined by the Board of Directors
of DRL and communicated to Participants. The Board of Directors of DRL shall
establish procedures by which purchases of shares under the U.S. Plan 2003 may
be made, which may (without limitation) provide that such shares or ADSs may be
purchased on the open market by DRL or any of its affiliated companies for
purposes of the transactions contemplated in this plan.

                                    Article 5
                            Amendment and Termination

      DRL may, in its sole discretion, suspend or terminate the U.S. Plan 2003,
reconstitute the U.S. Plan 2003 in whole or in part, or revise the U.S. Plan
2003 in any respect whatsoever, except that no
<PAGE>
change shall adversely affect the terms as to shares already acquired by the
Participant without the Participant's consent, unless such change is required to
comply with applicable law.

                                    Article 6
                                  Miscellaneous

      Nothing in the U.S. Plan 2003 nor in any shares acquired pursuant to the
U.S. Plan 2003 shall confer on a Participant any right to continue in the employ
or service of the Employing Companies or any other rights other than those
stated herein.

      In the event the Employing Companies are required to withhold any taxes in
connection with the purchase of shares under the U.S. Plan 2003, the applicable
Employing Company may, in its discretion, determine the method and amount of
withholding for tax purposes (which may include, without limitation, the payment
by the Participant of required withholding).

      In the event of any disagreement as to the interpretation of the U.S. Plan
2003, or as to any right or obligation arising from or related to the U.S. Plan
2003, DRL shall make a determination as to any such interpretation, which
determination shall be final and binding upon the Participants to the maximum
extent permitted by law.

      The U.S. Plan 2003 is being offered entirely at DRL's discretion and does
not give any right, entitlement, or expectation that any further offer of shares
in connection with the U.S. Plan 2003 or otherwise will be made in the future.

      The effective date of the U.S. Plan 2003 shall be determined by the Board
of Directors of RUS.