LIC sells over 2% stake in Sun Pharma for Rs 4,699 crore

“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 per cent to 3.012 per cent 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 per cent. Sun Pharma shares ended 0.8 per cent up at Rs 1,143.60.