On Thursday, LIC announced that it had sold 2% of its Sun Pharma holdings for Rs 4,699 crore through an open market transaction.
Following the share sale, the holding decreased by 2% from July 22, 2022, to September 13, 2023.
"Corporation's shareholding in Sun Pharma has diluted from 12,05,24,944 to 7,22,68,890 equity shares decreasing its shareholding from 5.023% to 3.012% of the paid-up capital of the said company," LIC said in a regulatory filing.
According to the statement, the shares were traded on the open market throughout the time at an average price of Rs 973.80 per share.
Active Pharma Ingredients (APIs) and a variety of branded and generic formulations are among the products that Sun Pharma manufactures, develops, and markets.
The largest state-owned insurer in the nation, LIC, had its shares settle at Rs 660.80 per share on the BSE, up 0.27%. Shares of Sun Pharma closed 0.8% higher at Rs. 1,143.60.
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