NEW DELHI, Nov 9: Government today approved foreign direct investment proposals worth Rs 384.45 crore including Lupin Ltd?s application for infusion of Rs 331.64 crore towards stock options issued to its employees. Government also deferred decision on five FDI proposals of companies operating in defence, pharma and defence sectors. Government rejected four applications including those of Franklin Templeton Asset Management and Reliance Globalcom. The FDI proposal of Alkem Lab is to undertake an Initial Public Offer for sale of 1,28,53,442 equity shares of face value of `Rs 2 each by certain existing shareholders of the company. The proposed foreign equity will be 10.75 per cent. (UNI)
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