LIC sells 2% stake in Wockhardt for Rs 129 cr

Drug firm Wockhardt today said Life Insurance Corporation (LIC) of India has sold 2.019% stake held in the company for Rs 129 crore.

LIC has sold 2,211,088 shares of the company, aggregating 2.019% stake through market sale for sell value of Rs 129.09 crore, Wockhardt said in a filing to BSE.

The company said the sale was carried out through "various brokers" but did not specify who were the buyers.

Prior to the sale LIC had 5,506,579 shares in the company, a total of 5.03% stake, it added.

After the sale, LIC's holding in Wockhardt has come down to 3.011%, it said.

Wockhardt had posted a consolidated net profit of Rs 342.71 for the year ended March 31, 2012 as against Rs 90.52 crore for the year ago period.

Shares of Wockhardt Ltd today closed at Rs 830.90 per scrip on BSE, down 3.34% from its previous close.