Lupin gains on RBI nod to raise FII limit

Lupin has gained by over 3% at Rs 1,675 on the BSE (Bombay Stock Exchange) after the Reserve Bank of India (RBI) yesterday raised the ceiling on investment in the company's shares by foreign institutional investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) under the portfolio investment scheme to 49% of the company's equity capital with effect from 12 February 2015, from earlier 33%. Total FII holding in Lupin stood at 31.77% as on 31 December 2014.

Further, the company has granted 27,700 options to the employees of its subsidiary companies, under "Lupin Subsidiary Companies Employees Stock Option Plan 2011" on February 11, 2015 at the exercise price of Rs 1,562.95.

The company has also informed that, one equity share of Rs. 2/- each is covered by each option. The options issued are exercisable at the 'market price' as defined in the SEBI (SBEB) Regulations, 2014, in a phased manner after a minimum vesting period of 12 months but before the exercise period of 10 years from the date of grant.

The stock opened at Rs 1,678, touched a high of Rs 1,693 and a low of Rs 1,656 on the BSE. A total of 38,572 shares changed hands on the BSE so far.