LIC sells 2.13% stake in Dr Reddy's Lab
Hyderabad: Life Insurance Corporation (LIC) sold 2.13 percent 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 percent, 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 percent of the company. LIC held 4.53 percent stake in the company at the end of March 2013 quarter.
During the last quarter ended March 31, foreign institutional investors (FIIs) have acquired 5.93 million shares representing 3.49 percent stake in the company, while DIIs sold 2.95 percent stake.
As on March 31, promoters hold 25.56 percent; FII and DIIs are holding 29.66 percent and 11.03 percent, respectively, while others hold 33.75 percent.
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 percent).
The company is expected to announce its fourth quarter results of the last financial year on Tuesday.