Life Insurance Corp of India’s (LIC) holding in pharmaceutical company Dr Reddy’s Laboratories has crosses 5.65% as on 15 June.
The corporation’s shareholding in Dr Reddy’s Lab has increased from 60,64,345 to 93,96,91,801 equity shares, or from 3.644% to 5.646% of the paid-up capital of the company, LIC said in a regulatory filing on Thursday.
While sharing further details about the cost of acquisition or the price at which the shares were acquired, LIC said the holding increased by 2.002% between 3 September, 2021 to 15 June, 2022 at an average cost of ₹4,670.46 per share.
The company statement also said that the acquisition would not fall within related party transaction(s) and the promoter/promoter group/group companies have no interest in the entity being acquired.
LIC has recently increased its stake in Hindustan Unilever Ltd, Hero MotoCorp and non-banking finance company Capri Global Capital through open market purchases over the last few months.
The life insurer’s shareholding in Hero MotoCorp has increased from 1,83,10,233 to 2,24,91,571 equity shares, or from 9.163% to 11.256% of the paid-up capital of the company.
In a separate filing, it had said LIC’s shareholding in HUL has increased from 11,73,80,500 to 11,76,90,500 equity shares, aggregating to 5.008% of the paid-up capital of the company.
Besides, LIC’s shareholding in Capri Global Capital has increased from 88,58,348 equity shares to 1,24,00,000 equity shares or from 5.043% to 7.059%.
Shares of LIC on Thursday closed at ₹669.20 apiece on BSE, down by 3.08% from its previous close while Dr Reddy’s Laboratories scrip was down 1.08% at ₹4,290.00 apiece on BSE.
