The country’s largest life insurer, Life Insurance Corporation (LIC) has trimmed its stake in drug firm Dr Reddy’s Laboratories to 6.31%. The insurer has sold shares worth Rs 875.29 crore in the open market.
LIC held 8.38% stake in the pharma major before offloading about 35.25 lakh shares, accounting for around 2.07% shareholding. Following the transaction, LIC’s total shareholding in the company has come down to 6.31% from 8.38%.
Dr Reddy's is an integrated global pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products - the company offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, bio-similars, differentiated formulations and NCEs.
