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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.