Pharmaceuticals major Lupin Ltd has agreed to raise the investment limit for buying its shares and convertible debentures to 33% from 24% of its paid up capital for overseas investors, the Reserve Bank said today.
"Lupin Limited has agreed to enhance the limit for the purchase of its equity shares and convertible debentures by foreign institutional investors (FIIs)/non-resident Indians (NRIs)/persons of Indian origin (PIOs) under the Portfolio Investment Scheme (PIS)", the apex bank said in a release.
However, the purchase of Lupin shares by a single FII or Sebi (Securities and Exchange Board of India) approved sub-account of a registered FII was capped at 10% of the pharma company's paid up capital.
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