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MUMBAI: Unichem Laboratories Ltd has got approval from its board of directors to increase the investment limit of foreign institutional investors' (FII) in the company to 49 per cent.

Earlier the company had received its board and shareholder approval to increase FII limit in the company up to 30 per cent, a company spokesperson told Business Line. FIIs at present hold about 2 per cent stake in the company.

At its board meeting on Tuesday, Unichem also got approval to make a preferential allotment of 1,875,000 equity shares to New Vernon Pvt Equity Ltd (formerly New Vernon Bharat Ltd) at a premium of Rs 295 per equity share of Rs 5 each. This would bring in about Rs 56 crore to the company and would go towards funding the company's expansion plans, he said. The two proposals are subject to shareholder approval, Unichem told the Bombay Stock Exchange.

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