Mumbai: State-run Life Insurance Corporation has sold 2.12 percent stake in drug manufacturer Cipla through open market transactions over a period of nearly five months.
The insurer has reduced the stake to 6.21 percent.
"LIC has sold 1.7 crore shares representing 2.12 percent stake of the company between August 21, 2012 and January 7, 2013 via open market," Cipla said in a filing to the BSE.
However, financial details were not disclosed.
Following the stake sale, LIC's total shareholding in the company has come down to 6.21 percent from 8.34 percent.
LIC held over 5.82 crore shares or 7.25 percent stake in the company as on September 30, 2012.
Meanwhile, Foreign Institutional Investors (FIIs) have raised their holding in Cipla to 20.79 percent in September 2012 from 13.09 percent at the end of December 2011.
Shares of Cipla ended the day 1.31 percent higher at Rs 428.85 on the BSE.