Financial Daily from THE HINDU group of publications
Sunday, Dec 07, 2003
Financial Daily from THE HINDU group of publications Sunday, Dec 07, 2003 |
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Corporate
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Announcements Markets - Foreign Institutional Investors Lupin EGM okays hike in FIIs limit to 33 pc Our Bureau
Mumbai , Dec. 6 LUPIN Ltd has informed the Bombay Stock Exchange that its EGM approved increasing the limit of investment by foreign institutional investors (FIIs) to 33 per cent of the paid-up share capital of the company. Its board has also approved `in principle' the issue of equity shares, not exceeding 4,01,411, of face value Rs 10 each under an employees stock option plan and to delist the company's shares from stock exchanges at Ahmedabad, Delhi, Jaipur and Kolkata. Further, as part of the internal restructuring of the promoters' shareholdings in the company, 50,37,713 equity shares of Rs 10 each are proposed to be sold by the promoters to Citicorp Banking Corporation, Bahrain and Citicorp International Finance Corporation, the US. In terms of the share purchase agreement and the escrow agreement, these shares and the purchase consideration have been deposited with escrow agent. Lupin also informed that its Investigational New Drug Application (INDA) for the prophylactic treatment of migraine has been approved by the IND Sub-Committee of the Indian Council of Medical Research (ICMR); the sub-committee is headed by the ICMR Director-General. The company plans to initiate Phase-1 clinical trials in India, which is a study for drug safety in humans.
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