LIC Sells A Majority Share In Sun Pharma For Rs 4,699 Crore

LIC announced on Thursday that it had sold 2 percent of its stake in Sun Pharma for Rs 4,699 crore in an open market transaction.

Following the share sale, there is a decrease of 2 percent decline in holding between July 22, 2022, and September 13, 2023.

In a regulatory filing, LIC stated, “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 percent to 3.012 percent of the paid-up capital of the said company”.

“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”, LIC added.

Sun Pharma manufactures, develops, and markets a diverse range of branded and generic formulations, as well as Active Pharma Ingredients (APIs).

LIC, the country’s largest state-owned insurer, finished at Rs 660.80 per share on BSE, up 0.27 percent. Sun Pharma shares closed 0.8 percent higher at Rs 1,143.60.

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