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Following the transaction, LIC’s total shareholding in Dr Reddy's Laboratories has come down to 6.31% from 8.38%
New Delhi: Pharmaceutical company Dr Reddy’s Laboratories said state-run Life Insurance Corporation of India (LIC) has cut its stake in the company to 6.31% by selling shares worth Rs875.29 crore in the open market, reports PTI.
LIC held 8.38% stake in the pharma major before offloading about 35.25 lakh shares, accounting for around 2.07% shareholding.
The insurer has reduced its stake to 6.31% through the open market sales, Dr Reddy’s Laboratories said in a filing to the BSE.
LIC has sold 35.25 lakh shares via market sale, the filing said.
Following the transaction, LIC’s total shareholding in the company has come down to 6.31% from 8.38%, it added.