LIC divests 2% shares in Sun Pharma, stake reduced from 5.023% to 3.012%

On September 14, Life Insurance Corporation of India (LIC) announced that it had divested a 2.011% stake in Sun Pharmaceuticals Industries Ltd. With this, the pharmaceutical company's shareholding has decreased from 5.023% to 3.012%.

"The corporation's shareholding in "Sun Pharmaceuticals Industries Ltd" has diluted from 12,05,24,944 to 7,22,68,890 equity shares, decreasing its shareholding from 5.023 percent to 3.012 percent of the paid-up capital of the said company," LIC stated in an exchange filing.

The transaction took place on the open market between July 22 and September 13 at an average floor price of Rs 973.80 per share.

For the quarter that ended in June 2023, Sun Pharmaceutical Industries Ltd. reported a net profit of Rs. 2,022.54 crore, a 1.86% decrease from Rs. 2,060.88 crore during the same period in the previous year.