Reserve Bank of India (RBI) has allowed Ipca Laboratories to raise its foreign investment limit up to 35% of paid-up capital. RBI has notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 35% of the paid up capital of Ipca Laboratories under the Portfolio Investment Scheme (PIS). The company has passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs.
RBI has further notified that the foreign shareholding by FIIs/RFPIs in Ipca Laboratories has gone below the revised threshold caution limit. Hence the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
Ipca Laboratories is engaged in manufacturing of active pharmaceutical ingredients and formulations. It operates in 110 countries and its export accounts for 50% of the company’s income. Worldwide the company is one of the largest suppliers of APIs and intermediates. The company holds leadership position in Anti-malarial and Rheumatoid Arthritis area.
| Company Name | CMP |
|---|---|
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| Dr. Reddys Lab | 1326.50 |
| Cipla | 1370.10 |
| Zydus Lifesciences | 938.40 |
| Lupin | 2448.10 |
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