LIC increases its stake in Divi's Lab to 5%

10 Nov 2022 , 08:32 AM

Life Insurance Corporation of India (LIC) announced on Wednesday that it has increased its ownership of Divis Laboratories to 5% through the purchase of additional shares for Rs 35.82 crore.

As its holdings in Divis Laboratories climbed from 1,32,54,663 to 1,33,60,663, LIC reported that its ownership in the company increased from 4.992% to 5.032%.

The company’s holdings surpassed the 5% threshold on November 7, 2022. According to LIC’s regulatory filing, the average price paid for the shares was Rs3,379.01

Listed firms are required by regulatory disclosure standards to notify the stock exchanges of changes in shareholding of 5% or more.

Divis Laboratories manufactures nutraceutical components, intermediates, and active pharmaceutical ingredients (APIs) with a focus on exports.

On the BSE, shares of LIC closed at Rs631.20 each, down 0.33%, while shares of Divis Lab closed at Rs3,298.15, down 3.38%.

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