LIC increases stake in Dr. Reddy’s to 9.69%
The Hindu
In over five months, it purchased more than 33.61 lakh shares in the market at an average price of ₹4,403.02 each
Life Insurance Corporation of India (LIC) increased its stake in Dr. Reddy’s Laboratories by 2% through open market purchase of more than 33.61 lakh shares over five months from October at an average price of ₹4,403.02 each.
Consequently, its shareholding in the drugmaker has increased 7.676% to 9.695% of the paid-up capital of the company, LIC informed the stock exchange. On Monday, Dr. Reddy’s shares closed at ₹4,383.65 apiece on the BSE.
The holding increased from 7.676% to 9.695%, an increase of 2.019 per centage points during the period from September 30 to March 10 at an average cost of ₹4,403.02, the insurance major said about its investment. Dr. Reddy’s also intimated the stock exchange about the change in LIC’s stake in the company.
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