LIC Sells Over 2% Stake In Sun Pharma For Rs 4,699 Crore

LIC on Thursday said it has sold 2% of its holding in Sun Pharma for Rs 4,699 crore via open market sale.

Following the share sale, there is a decrease of 2% in holding during the period from July 22, 2022 to Sept. 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.

The shares were sold at an average price of Rs 973.80 per share during the period through an open market sale in an ordinary course of transaction, it said.

Sun Pharma is engaged in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharma Ingredients (APls).

Shares of the country's largest state-owned insurer, LIC, closed at Rs 660.80 apiece on BSE, up by 0.27%. Sun Pharma shares ended 0.8% up at Rs 1,143.60.