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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.
