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Life Insurance Corporation (LIC) sold 2.13% stake in Dr Reddy's Laboratories from January 10 to May 10 through open market, according to a BSE filing by DRL.
Following the stake sale, LIC shareholding in the India's second largest drug maker has come down to 4.1%, it said.
While the closing price of DRL was Rs 1,908.25 on January 10, it closed at Rs 2,022.45 on May 10.
According to the filing, LIC sold 36,20,088 shares representing 2.132% of the company. LIC held 4.53% stake in the company at the end of March 2013 quarter.
During the last quarter ended March 31, foreign institutional investors (FIIs) have acquired 5.93 million shares representing 3.49% stake in the company, while DIIs sold 2.95% stake.
As on March 31, promoters hold 25.56%; FII and DIIs are holding 29.66% and 11.03%, respectively, while others hold 33.75%.
DRL closed at Rs 2080.95, making it all-time high, up 0.48% over previous close on the BSE today even as the benchmark Sensex closed at 19,691.67 losing 430.65 points (-2.14%).
The company is expected to announce its fourth quarter results of the last financial year tomorrow.
