State-run Life Insurance Corporation has sold 2.12 per cent stake in drug manufacturer Cipla through open market transactions over nearly five months.
The insurer has reduced its holding to 6.21 per cent. “LIC has sold 1.7 crore shares representing 2.12 per cent stake of the company between August 21, 2012 and January 7, 2013 via open market,” Cipla said in a filing to the BSE.
However, financial details were not disclosed. Following the stake sale, LIC’s total shareholding in the company has come down to 6.21 per cent from 8.34 per cent.
LIC held over 58.2 million shares or 7.25 per cent stake in the company as on September 30, 2012.
Foreign institutional investors raised their holding in Cipla to 20.79 per cent in September 2012 from 13.09 per cent at the end of December 2011. Shares of Cipla ended the day 1.3 per cent higher at Rs 428.85 on the Bombay Stock Exchange.
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 →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
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