Lupin applies for increase in FII holding to 49%

Currently, the FII shareholding limit in the company stands at 33%

Lupin has applied to the Reserve Bank of India (RBI) for an increase in the FII shareholding in the company. The company has asked for an increase in the foreign institutional investor (FII) shareholding limit to 49% from 33% earlier, said an exchange notification.

In a filing to the exchanges, the company said that it had applied to the RBI after the company board passed the resolution to increase FII limits at its annual general meeting.

“The company has now been informed by RBI that the request of the company is being examined,” said the filing.

As of end September quarter, the FII shareholding in the company stood at 31. 45%, up from 27.99% in the year-ago quarter.

The stock price of the company was trading at Rs 906 per share on Thursday, up 0.6% from its previous close.

The BSE Sensex was down 0.2% to trade 20,511 while the NSE Nifty was down 0.4% and was trading at 6,066.