The acquisition has gone ahead by Netherlands-based wholly-owned subsidiary, Lupin Holdings BV (LHBV), on account of a subscription of rights issue.
Lupin Holdings raised its equity stakes in the Australian firm from 49.91 per cent to 57 per cent, following an increase last fiscal from 36 to 49.9 per cent.
Ramesh Swaminathan, CEO of Lupin, commented, "Australia is a strategic market to us. It is a $9bn market out of which the generics share is over $1bn."
“With the acquisition of controlling stake in Generic Health, the company is looking to strengthen its presence in the Australian market,” he added.
Lupin, one of India’s largest pharma companies, secured a strategic investment in Generic Health in 2005, with the aim to break into the Australian market by supplying its range of pharmaceutical products to Australia.
According to the BSE, Lupin shares are currently trading at Rs 389.40, down by 1.47 per cent from the previous close.