LIC raises stake in Dr Reddys Lab

17 Jun 2022 , 09:31 AM

LIC bought 33,32,456 shares, or 2% equity, at an average cost of Rs 4670.46 via open market purchase during the period from 3 September 2021 to 15 June 2022. Dr Reddys Laboratories is an integrated pharmaceutical company. It offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Its major markets include – USA, India, Russia & CIS countries, and Europe. LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country. Shares of LIC debuted on the bourses on 17 May 2022. The scrip was listed at Rs 867.20, representing an 8.62% discount to the issue price of Rs 949. LIC was down 1.91% at Rs 656.40 while Dr Reddys Laboratories declined 2.64% to Rs 4173.75 on the BSE. Powered by Capital Market – Live News