LIC Dilutes Stakes In Sun Pharma From 5.023% To 3.012%

Life Insurance Corporation of India (LIC) on September 14 announced that it has divested a 2.011 percent stake in Sun Pharmaceuticals Industries Ltd. With this, the stake in the pharmaceutical company has come down from 5.023% to 3.012%

The Life Insurance Corporation of India (LIC) on Thursday, September 14, in an exchange filing announced the sale of a 2.011% stake in Sun Pharmaceuticals Industries Ltd. This reduces the LIC's stake in Sun Pharma from 5.023% to 3.012%.

"The corporation's shareholding in "SUN PHARMACEUTICALS INDUSTRIES LTD." has diluted from 12,05,24,944 to 7,22,68,890 Equity Shares, decreasing its shareholding from 5.023 percent to 3.012 percent of the paid-up capital of the said company," LIC stated in the filing.

The transaction was done through the open market between July 22 and September 13 at an average floor price of Rs 973.80 per share.

The Company is engaged in the business of manufacturing, developing, and marketing a wide range of branded and generic formulations and Active Pharma Ingredients (APIs).

On Sept 12, LIC disclosed to the exchanges that it had decreased its holding in Dr. Reddy's Laboratories. In another filing, LIC also informed that it has increased its stake in Mahanagar Gas Ltd.

Sun Pharma stock is currently trading at Rs 1,147.80 apiece on the BSE, up 0.36% from the previous close. Shares jumped 1.51% in 1 week, 1.15% in 1 month, and 31.37% in 1 year, respectively.

Meanwhile, LIC is currently trading at Rs 662.20 apiece on the BSE, up 0.21% from the previous close. Jumps 2.18% in 1 month, however, declined 1.73% in 1 year.