The company said it will buy 3 lakh shares not exceeding Rs 66.36 crore in total value.
"We wish to inform you that we, Zyma Laboratories Limited will acquire shares of Lupin Limited...On 24th February, 2016," Zyma said in a letter to BSE.
The company will acquire 3 lakh shares amounting at market price that will prevail on February 24 but not exceeding Rs 2,212.3 per share.
Shares of Lupin today closed at Rs 1,755.2 on BSE, down by 2.35 per cent compared to previous close.