Foreign institutional investors (FIIs) have increased their stake in IPCA Laboratories and their purchase has reached the trigger limit of 24%.
The Reserve Bank of India (RBI) notified that FIIs has crossed the overall limit of 24% of paid-up capital of the company. Therefore, no further purchases of shares of this company would be allowed through stock exchanges in India on behalf of FIIs.
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.