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Lupin has informed the exchanges that foreign institutional investors can now invest up to 49 per cent in the company, subject to RBI approval.
An enabling resolution to this effect was passed at the recent AGM and the company has applied for RBI approval. Its request has now been examined by the central bank.
Currently, FIIs hold 31.45 per cent stake in the company.
Prominent investors include Genesis Indian Investment Co Ltd, ICICI Prudential Life Insurance Company Ltd, Life Insurance Corporation of India, Rakesh Jhunjhunwala and Aberdeen Golbal Indian Equity (Mauritius) Ltd.
Meanwhile, the stock is trading 0.6 per cent higher at Rs 906.25 on the BSE.
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