LIC reduces stake in Sun Pharma; sells shares worth Rs 3,821 crore in over 1 year

Written by Ruchika Sharma Published On 2022-07-26T11:24:09+05:30 | Updated On 26 July 2022 11:24 AM IST

LIC reduces stake in Sun Pharma; sells shares worth Rs 3,821 crore in over 1 year

The shares were sold at an average price of Rs 808.02 apiece, valuing the transactions at a total of Rs 3,881.85 crore.

New Delhi: Life Insurance Corporation on Monday said it has reduced shareholding in Sun Pharmaceuticals by selling 2 percent stake in the company for about Rs 3,882 crore. The shares were sold through open market transactions during the period from May 17, 2021 to July 22, 2022, according to a regulatory filing.

"This is to inform that corporation's shareholding in Sun Pharmaceuticals has diluted from 16,85,66,486 to 12,05,24,944 equity shares, decreasing its shareholding from 7.026 per cent of the paid-up capital of the said company," it said.

Under Sebi norms, listed companies are required to intimate the stock exchanges when their shareholding in an entity falls by 2 percent or more.

The shares were sold at an average price of Rs 808.02 apiece, valuing the transactions at a total of Rs 3,881.85 crore.

On the BSE, shares of LIC (Life Insurance Corporation) declined 0.70 per cent to close at Rs 684.15 apiece while that of Sun Pharmaceuticals fell 0.75 per cent to Rs 868.05 apiece.

Sun Pharma is an Indian multinational pharmaceutical company headquartered in Mumbai, Maharashtra. The company manufacture and market a large basket of pharmaceutical formulations covering a broad spectrum of chronic and acute therapies. It includes generics, branded generics, specialty, complex or difficult to make technology-intensive products, over-the-counter (OTC), antiretrovirals (ARVs), Active Pharmaceutical Ingredients (APIs) and Intermediates.

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Source : with inputs

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751