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LIC lowers stake in Cipla to 6.21%

LIC sold 1.7 crore shares representing 2.12% stake of the company between 21 August 2012 and 7 January 2013 via open market

Mumbai: State-run Life Insurance Corporation of India (LIC) has sold 2.12% stake in drug manufacturer Cipla through open market transactions over a period of nearly five months, reports PTI.

 

The insurer has reduced its stake in the company to 6.21%.

 

“LIC has sold 1.7 crore shares representing 2.12% stake of the company between 21 August 2012 and 7 January 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 30 September 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.

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SEBI slaps Rs2 lakh fine on four persons in Empower Industries case

The regulator found that the entities together had received a total of 51,000 shares or 10.2% stake of EIIL, in physical form from the company's promoter—Devang Master, but failed to make a disclosure

Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs2 lakh on four members of one “Gupta Family”, for failing to make disclosures related to their transactions in shares of Empower Industries India (EIIL), reports PTI.

 

SEBI said that the fine slapped on members of Gupta family—Om Prakash Gupta, Shakuntala Gupta, Neeru Gupta and Charu Gupta—has to be jointly paid by them.

 

The regulator found that the entities together had received a total of 51,000 shares or 10.2% stake of EIIL, in physical form from the company's promoter—Devang Master.

 

As per SEBI norms, this transaction required the Gupta family, acting in concert with each other, to disclose their shareholding to the company and to the concerned stock exchanges.

 

In its order issued Monday, SEBI said, “There is nothing on record to show that the required disclosures were made by the Gupta Family to the company and to BSE”.

 

The matter relates to a probe conducted by SEBI for alleged irregularities in shares of EIIL between 16th February and 11 March 2005.

 

The regulator found that the company’s share surged from Rs81 to Rs113 during 18 trading days and total trading volume stood at 2.17 lakh shares.

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