Lupin at record high after RBI ups foreign investment limit

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Shares of Lupin hit record high at Rs 1692.50, up 4.5 percent intraday on Friday after the central bank increased foreign investment limit in it. The Reserve Bank has said foreign institutional investors and registered foreign portfolios investors can now invest up to 49 percent of the paid-up capital in Lupin under Portfolio Investment Scheme (PIS).

“The company has passed resolutions at its Board of Directors’ level and a special resolution by the share-holders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs,” RBI said in a release.

The central bank said the purchases could be made through primary market and stock exchanges and would be subject to Fema regulations.

At 12:48 hrs Lupin was quoting at Rs 1,670.50, up Rs 50.70, or 3.13 percent on the BSE.

(With inputs from PTI)