LIC sells Cipla shares for Rs 665cr cuts stake to 6.21%
The co has sold 1.7 cr shares representing 2.12% stake of the company between Aug 21, 2012 and Jan 1, 2013
Drug major Cipla today said state-run Life Insurance Corporation has sold 2.12% stake in it through open market transactions for Rs 665.39 crore.
The insurer has reduced its stake to 6.21% through the open market sales, it added.
"LIC has sold 1.7 crore shares representing 2.12% stake of the company between August 21, 2012 and January 7, 2013 via open market," Cipla said in a filing to the BSE.
Following the transactions, LIC's total shareholding in the company has come down to 6.21% from 8.34%.
Meanwhile, Foreign Institutional Investors (FIIs) have raised their holding in Cipla to 20.79% in September 2012 from 18.08% at the end of June 2012.