State-run Life Insurance Corporation of India (LIC) has offloaded 1.7 crore shares representing 2.12% stake of in drug manufacturer Cipla through open market transactions between August 21, 2012 and January 7, 2013. Following this, the insurer’s stake in Cipla reduced to 6.21% from 8.34%.
Meanwhile, Foreign Institutional Investors (FIIs) have raised their holding in Cipla to 20.79% in September 2012 from 13.09% at the end of December 2011.
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.
