Life Insurance Corporation (LIC) of India has offloaded 3.87 percent stake in pharma major, Cipla for Rs 1,125 crore. The company has sold 31.06 million shares between September 18, 2008 and August 21, 2012 at an average price of Rs 362.16 a share.
Following the sale, LIC’s stake in the Mumbai-based drug maker has declined to 8.34 percent from 12.21 percent.
Cipla focuses on development of new formulations and has a wide range of pharmaceutical products. It offers prescription drugs, bulk drugs, animal products and pesticides. It also offers a wide range of food and beverages, baked foods, oral hygiene products, detergents, room fresheners and personal care products.
