Lupin Ltd. plans to pull out of its Thai subsidiary, Lupin Chemicals (Thailand) Ltd. (LCTL), by divesting its share from LCTL. LCTL is a joint venture company wherein Lupin holds 420000 equity shares of Thai Baht 100 each constituting 60 per cent of the share capital in LCTL. G Premjee Group (GPG) of Thailand holds the remaining 280000 equity shares of Thai Baht 100 each constituting 40 per cent, a company release said.
The company approved to sell to GPG the entire stake of 60 per cent at the face value of share capital, i.e. Baht 100 per share aggregating Thai Baht 42 million (Rs.47.5 million). The cost of investment in the books of Lupin is Rs.48.3 million. The proposal is subject to the approval of the Reserve Bank of India. Execution of the final agreement and such other approvals as may be required. This is in line of Lupin's strategy to focus on the key markets and key product groups.