State-run Life Insurance Corporation has sold 2.12% stake in drug manufacturer Cipla through open market transactions over a period of nearly five months.
The insurer has reduced the stake to 6.21%.
"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.
However, financial details were not disclosed.
Following the stake sale, LIC's total shareholding in the company has come down to 6.21% from 8.34%.
LIC held over 5.82 crore shares or 7.25% stake in the company as on September 30, 2012.
Meanwhile, Foreign Institutional Investors (FIIs) have raised their holding in Cipla to 20.79% in September 2012 from 13.09% at the end of December 2011.
Shares of Cipla ended the day 1.31% higher at Rs 428.85 on the BSE.