Mumbai: The Reserve Bank Tuesday allowed foreign institutional investors (FIIs) to buy up to 49 percent stake in homegrown drug major Glenmark Pharmaceuticals.
FIIs "through primary market and stock exchanges, can now purchase up to 49 percent of the paid up capital of Glenmark Pharmaceuticals Ltd under the Portfolio Investment Scheme (PIS)," the central bank said.
The Mumbai-based firm had passed a board resolution and a special resolution by the shareholders, agreeing for enhancing the limit from 40 percent to 49 percent for the purchase of its equity shares and convertible debentures by FIIs.
The purchases could be made through primary market and stock exchanges, RBI added.
Glenmark has a "significant presence" in branded generics markets across emerging economies including India, said the company's website.
It employs about 10,400 people in over 80 countries. It has 14 manufacturing facilities in four countries and has six R&D centres.
Glenmark's share traded last at Rs 899.35 on BSE, down 0.71 percent over yesterday's close.
