LIC increases its stake in Dr Reddy's Laboratories from 5.65 percent to 7.7 percent
LIC's holding in the company stands at 7.7 percent, it added.
New Delhi: Pharma major Dr Reddy's Laboratories Ltd on Monday said Life Insurance Corporation of India has increased its stake to 7.7 percent in the pharmaceutical firm through the purchase of 33.86 lakh shares from the open market over some time.
Life Insurance Corporation of India (LIC) earlier held around a 5.65 percent stake in the company, Dr Reddy's Laboratories (DRL) said in a regulatory filing.
Read also: LIC reduces stake in Sun Pharma; sells shares worth Rs 3,821 crore in over 1 year
Established on 1 September 1956, Life Insurance Corporation of India (LIC) is an Indian statutory body headquartered in Mumbai, Maharashtra, India. The statutory body is under the ownership of Ministry of Finance, Government of India.
Dr. Reddy's Laboratories Ltd. is an integrated pharmaceutical company headquartered in Hyderabad, Telangana, India. Its major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management, and dermatology.
Dr. Reddy's operates in markets across the globe. The company's major markets include - USA, India, Russia & CIS countries, and Europe.
Read also: Dr Reddy's Labs, DNDi ink pact to develop affordable drugs for neglected tropical diseases
