LIC boosts its stake in Dr Reddy's Laboratories from 5.65% to 7.7%

4 Oct 2022 , 08:45 AM

Life Insurance Corporation of India (LIC) expanded its interest in the pharmaceutical company to 7.7% on Monday, according to Dr Reddy’s Laboratories Ltd (DRL), which claimed it did so by purchasing 33.86 lakh shares in the open market over time.

According to a regulatory filing from DRL, LIC formerly owned around 5.65% of the firm.

LIC acquired 33,86,486 shares of DRL from the open market between June 15, 2022, and September 30, 2022, totaling a 2.034 percent ownership, it was noted. The company’s ownership by LIC now amounts to 7.7%.

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