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

Drug major Cipla  said state-run Life Insurance Corporation has sold 2.12 per cent stake in it through open market transactions for Rs 665.39 crore. The insurer has reduced its stake to 6.21 per cent through the open market sales, it added. "LIC has sold 1.7 crore shares representing 2.12 per cent 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 per cent from 8.34 per cent. Meanwhile, Foreign Institutional Investors (FIIs) have raised their holding in Cipla to 20.79 per cent in September 2012 from 18.08 per cent at the end of June 2012.