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Board of Lupin approves divestment of entire stake in Kyowa, Japan

Capital Market 

At meeting held on 11 November 2019

The Board of Lupin at its meeting held on 11 November 2019 has approved the divestment of its entire equity interest (representing 99.82% of the issued and paid up capital) in Kyowa Pharmaceutical industry Co. (Kyowa), Japan. a step-down material subsidiary of the Company, by Nanomi B.V. ('Nanomi'), Netherlands, (a wholly owned material subsidiary of the Company) by way of sale of shares. to Plutus, Japan (an entity affiliated with Unison Capital Partners IV, LPS and Unison Capital Partners IV(F). L.P.) at an enterprise value of JPY 57,361 million on terms and conditions agreed under a share purchase agreement. subject to the approval of shareholders of the Company vide a Special Resolution (' Proposed Transaction '). The divestment shall result in the Company ceasing to have any equity interest (direct or indirect) and managerial control in Kyowa and the Company shall cease to exercise indirect control over Kyowa.

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First Published: Mon, November 11 2019. 18:14 IST