- By Vaamanaa Sethi
- Thu, 14 Sep 2023 06:54 PM (IST)
- Source:JND
Life Insurance Corporation of India (LIC), on Thursday, announced that it has sold 2.11% stake in Sun Pharmaceuticals Industries Ltd, which led to reduction in stake from 5.023% to 3.012%.
"Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that corporation's shareholding in "Sun Pharmaceuticals Industries Ltd" 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 statement.
The company further informed that the transaction was done via open market sale, which was sold between July 22 and September 13.
In August, LIC bought a 6.66% stake in newly listed Jio Financial Services Ltd. The cost of the acquisition was 4.68% of the pre-demerged cost of Reliance Industries Ltd, according to the notice of the company.
The company had offloaded over 2% stake in India Cement through open market transactions between November 2007 and July 2023. “Corporation's shareholding in 'India Cement Ltd' has diluted from 18,205,665 to 11,877,759 equity shares, decreasing its shareholding from 5.875% to 3.833% of the paid-up capital of the said company," LIC said in a regulatory filing.
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In June, it had increased its stake in the Steel Authority of India (SAIL) by 2.001% to 8.687%. In the same month, the insurer raised its stake in IT firm Tech Mahindra Ltd by about 2% through open market acquisition.