Double Cheers For Lupin, CCEA Approves Raising Investment In Equity Capital

Healthcare major Lupin Limited has received in-principle approval from the Cabinet Committee of the Economic Affairs (CCEA) for increasing investments in its equity capital.

“We wish to inform that further Foreign Investment Promotion Board’s recommendation (FIPB) on January 28, 2015, the CCEA has approved the proposal to increase investments by foreign institutional investors (FIIs) from 33% to 49%,” the company said in a letter to the National Stock Exchange (NSE).

It added that the company had received its Board’s approval in November 2014, following which the company had applied to the FIPB.

In another development, the company has also received the US healthcare regulator Food and Drug Administration’s (FDA) approval for marketing the generic drug Vancomycin Hydrochloride Capsules, 125 mg and 250 mg. The medicines are a generic version of Vancocin® capsules 125 mg and 250 mg strengths and will be sold through its US subsidiary, Lupin Pharmaceuticals Inc. (LPI). It should be noted that Vancocin® Capsules had annual U.S sales of US$ 164.2 million last year.

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