Sunday, Dec 07, 2003
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By Our Staff Correspondent
Through the equity dilution of 4 per cent in the market, the company raised around Rs. 90 crores and through the `pooling of resources' from family and associates, another Rs. 84 crores has been raised. Recently, CVC International, a Citigroup Global Investments Unit, through its investing vehicles, entered into a share purchase agreement to acquire 12.55 per cent stake in Lupin from Desh Bandhu Gupta, Chairman, Lupin, and his affiliates/associates. "With Citi's investment of about Rs. 126 crores now in place, our group restructuring now stands completed," said Mr. Gupta. As part of the restructuring, the board also inducted two representatives of Citigroup, Marc Desaedeleer and Sunil Nair. While Mr. Desaedeleer was Business Manager for Citibank's corporate and investment banking business, Mr. Nair is Managing Director and Partner of CVC International. At an extraordinary general meeting held earlier today, the shareholders of Lupin approved the resolutions to raise the ceiling on FII investment in the company to 33 per cent of the paid-up equity and to introduce employees stock option plan (ESOP) for an amount not exceeding one per cent of the paid up capital. The shareholders approved the appointment of Kamal Sharma as Managing Director effective September 29 and delisting of the company from the Ahmedabad, Delhi, Jaipur and Kolkata stock exchanges. Regarding global acquisitions, Mr. Gupta said no company had been identified as yet. "To take the company into a different league, we have to invest in the U.S. and Europe. We have not yet started searching because we were arranging our finances first". In a separate development, the IND Sub-committee of the Indian Council of Medical Research (ICMR) has approved Lupin's investigational new drug application (INDA) for the prophylactic treatment of migraine. Lupin plans to initiate Phase 1 clinical trials in India, which is a study for drug safety in humans. Lupin has made presentations to the Global Tuberculosis Alliance (GTA) regarding a molecule, which is still in the pre-clinical stage. "They want to support the project right till the end but the memorandum of understanding would happen only at a later stage," said Mr. Gupta. He further estimated that it would take $60-75 million to conduct the trials and bring the product to the market.
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