LIC sells 2% stake in Dr Reddy's Lab

Hyderabad: Life Insurance Corporation (LIC) sold 2.13 per cent stake in Dr Reddy's Laboratories from January 10 to May 10 through open market, according to a BSE filing by DRL.

Following the stake sale, LIC shareholding in the India's second largest drug maker has come down to 4.1 per cent, it said. While the closing price of DRL was Rs 1,908.25 on January 10, it closed at Rs 2,022.45 on May 10. According to the filing, LIC sold 36,20,088 shares representing 2.132 per cent of the company. LIC held 4.53 per cent stake in the company at the end of March 2013 quarter.

Reuters[/caption]

During the last quarter ended March 31, foreign institutional investors (FIIs) have acquired 5.93 million shares representing 3.49 per cent stake in the company, while DIIs sold 2.95 per cent stake. As on March 31, promoters hold 25.56 per cent; FII and DIIs are holding 29.66 per cent and 11.03 per cent, respectively, while others hold 33.75 per cent.

More from Fwire

DRL closed at Rs 2080.95, making it all-time high, up 0.48 percent over previous close on the BSE today even as the benchmark Sensex closed at 19,691.67 losing 430.65 points (-2.14 per cent). The company is expected to announce its fourth quarter results of the last financial year tomorrow.

PTI