New Delhi, Sep 14: LIC announced that it has sold 2% of its Sun Pharma stock in an open market transaction for a price of Rs. 4,699 crore on Thursday. Following the share sale, there is a 2% drop in holding for the period of July 22, 2022 to September 13, 2023.
“Corporation’s shareholding in Sun Pharma has diluted from 12,05,24,944 to 7,22,68,890 equity shares decreasing its shareholding from 5.023 per cent to 3.012 per cent of the paid-up capital of the said company,” LIC said in a regulatory filing.
The shares were traded on the open market throughout the time at an average price of Rs 973.80 per share, according to the statement.
Active Pharma Ingredients (APls) and a variety of branded and generic formulations are among the products that Sun Pharma manufactures, develops and markets.
The largest state-owned insurer in the nation, LIC, saw its shares settle at Rs 660.80 per share on the BSE, up by 0.27 per cent. Shares of Sun Pharma closed 0.8% higher at Rs. 1,143.60.