LIC Reduces Stake in Sun Pharmaceuticals and Dr. Reddy's Laboratories

15 Sep 2023 , 01:51 PM

LIC announced a divestment of 2.011 % stake in Sun Pharmaceuticals Industries Ltd., reducing its stake from 5.023 % to 3.012 % in the company. The corporation’s shareholding in Sun Pharmaceuticals decreased from 12,05,24,944 to 7,22,68,890 equity shares as per the exchange filing.

The transaction occurred via the open market between July 22 and September 13, averaging a floor price of Rs 973.80 per share. Sun Pharmaceutical Industries Ltd. reported a net profit of Rs 2,022.54 crore for the quarter ended June 2023, down 1.86 % from the same period last year.

Earlier, LIC had also reduced its stake in Dr. Reddy’s Laboratories by 2 % during the period from March 10 to September 11. This reduction led to LIC’s stake in Dr. Reddy’s decreasing from 9.681 % to 7.628 % at the beginning of the mentioned period.

The transactions for Dr. Reddy’s stake were also conducted through the open market route, with an average floor price of Rs 5705.43 apiece, as informed by LIC.

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