Business

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.

Also read: Maruti Suzuki Collaborates With Indian Bank To Offer Dealers Financing Options

Spriha Rai

Recent Posts

How To Read Food Labels & Make Smarter Grocery Choices

Reading food labels helps you make informed, healthier choices by understanding nutrition facts & picking…

17 mins ago

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

12 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

13 hours ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

13 hours ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

14 hours ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

14 hours ago