LIC sells Cipla shares, lowers stake to 6.21%

State-run Life Insurance Corporation has sold 2.12% 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%.

” LIC has sold 1.7 crore shares representing 2.12% 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. the stake sale, LIC’s total shareholding in the company has come down to 6.21% from 8.34%. LIC held over 5.82 crore shares or 7.25% stake in the company as on September 30, 2012.

Meanwhile, Foreign Institutional Investors (FIIs) have raised their holding in Cipla to 20.79% in September 2012 from 13.09% at the end of December 2011. Shares of Cipla ended the day 1.31% higher at Rs 428.85 on the BSE.

http://www.business-standard.com/india/news/lic-sells-cipla-shares-lowers-stake-to-621/202010/on