 "LIC sells 2% in Dr Reddy's Lab")
Life Insurance Corporation (LIC) has sold 2.13% stake in Dr Reddy’s Laboratories for about Rs 680 crore in past four-and-half months.
Following the stake sale, LIC shareholding in the pharmaceutical company has come down to 4.1%, Dr Reddy’s Laboratories said in a filing to the BSE on Monday.
The country’s largest state-owned insurance firm sold 3.62 million shares, comprising 2.13% stake, of the company between January 10, 2013 and May 10, 2013, it added.
Of these, the insurance giant has sold 0.43% or 587,348 equity shares of Dr Reddy’s Lab in past one-and-half month through open market. LIC held 4.53% stake in the company at the end of March 2013 quarter.
LIC collected about Rs 680 crore from the share sale, based on the average market price of 2013.
Meanwhile, foreign institutional investors (FIIs) have acquired 5.93 million shares representing 3.49% stake in the company in January-March quarter, the March shareholding pattern data shows.
Dr Reddy’s Laboratories, one the best performer stocks among benchmark indices, has rallied 14% so far in current calendar year compared to 1.4% rise in Sensex.
Following the stake sale, LIC shareholding in the pharmaceutical company has come down to 4.1%, Dr Reddy’s Laboratories said in a filing to the BSE on Monday.
The country’s largest state-owned insurance firm sold 3.62 million shares, comprising 2.13% stake, of the company between January 10, 2013 and May 10, 2013, it added.
Of these, the insurance giant has sold 0.43% or 587,348 equity shares of Dr Reddy’s Lab in past one-and-half month through open market. LIC held 4.53% stake in the company at the end of March 2013 quarter.
LIC collected about Rs 680 crore from the share sale, based on the average market price of 2013.
Meanwhile, foreign institutional investors (FIIs) have acquired 5.93 million shares representing 3.49% stake in the company in January-March quarter, the March shareholding pattern data shows.
Dr Reddy’s Laboratories, one the best performer stocks among benchmark indices, has rallied 14% so far in current calendar year compared to 1.4% rise in Sensex.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%