Mumbai, Oct. 12 (PTI): CVC International, a Citigroup global investment outfit, has finally acquired 12.55 per cent stake in Lupin Limited from promoter Desh Bandhu Gupta and associates at Rs 125.9 crore (about $27 million).

Citigroup outfit has inked a share purchase agreement with Gupta and associates to acquire the stake, Lupin said.

The pharmaceutical company has also signed an investment agreement granting CVC International minority rights customary in such private equity transactions and will be effective upon satisfaction of the conditions in the share purchase agreement.

On July 2, CVC International had signed a non-binding pact to pick up part of Gupta and associates’ holding in the company.