Lupin Limited announced on May 23, 2025, that its wholly-owned US subsidiary, Lupin Inc. USA (LI), converted a loan of USD 41 million and outstanding interest of USD 3.3 million, totaling USD 44.3 million, into equity in Lupin Oncology Inc., USA (LOI). This conversion has resulted in LOI becoming a step-down subsidiary of Lupin Limited.

Key details of the transaction:

• Lupin Oncology Inc. (LOI) was incorporated on March 15, 2021, under the laws of Delaware, USA.
• Prior to this conversion, LOI was a direct subsidiary of Lupin Limited, with the company holding 99.33% equity.
• Post-conversion, the revised shareholding structure in LOI is: LI holds 81.12%, Lupin Limited holds 18.75%, and other shareholders hold 0.13%. The combined equity stake of Lupin Limited and LI in LOI is 99.87%.
• LOI's financial details as of March 31, 2025, show its Turnover as NIL and Net Worth as USD 7.0 million.
• LOI operates in the Pharmaceuticals industry and is engaged in the development/co-development and commercialization of various oncology products in the US.
• The transaction is classified as a related party transaction but was conducted at arm's length.
• No governmental or regulatory approvals were required for this transaction, and it has already been completed.