LIC sells Cipla shares for Rs 665 crore; cuts stake to 6.21%

LIC sells Cipla shares for Rs 665 crore; cuts stake to 6.21% New Delhi: Drug major Cipla on Saturday said state-run Life Insurance Corporation has sold 2.12 percent stake in it through open market transactions for Rs 665.39 crore.

The insurer has reduced its stake to 6.21 percent through the open market sales, it added.

"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.

Following the transactions, LIC's total shareholding in the company has come down to 6.21 percent from 8.34 percent.

Meanwhile, Foreign Institutional Investors (FIIs) have raised their holding in Cipla to 20.79 percent in September 2012 from 18.08 percent at the end of June 2012.

PTI