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Lupin promoters to sell 12.55% stake to US firm

July 09, 2003 16:50 IST

The promoters of Lupin, Desh Bandhu Gupta and associates, will sell 50 lakh shares of the company to the United States-based investment firm Newbridge Capital for Rs 252 per share, aggregating Rs 127 crore (Rs 1.27 billion).

The purchase of 12.55 per cent stake by Newbridge was conditional upon the approvals by the board, the investment committee of Newbridge, completion of the due diligence process, and the receipt of regulatory approvals and execution of the final detailed agreements, a Lupin release said in Mumbai on Wednesday.

"This placement completes the internal restructuring of the promoter group companies," Gupta said.

Last week, the promoters had placed 12.5 per cent equity with CVC International at Rs 250 per share aggregating Rs 125.9 crore (Rs 1.26 billion).

Commenting on the deal, Gupta said, "Coming at a time when Lupin is on the threshold of a major global trust, partnership with Newbridge, a leading value investment firm with strong access to a global network and interests in areas of lifesciences and biotechnology would add significant value to Lupin's shareholders."

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