LIC offloads DRL shares for Rs 875 crore

Life Insurance Corporation (LIC), the country’s largest public sector insurer, has partially offloaded stake in the city-based Dr Reddy’s Laboratories Ltd.

In an open market transaction, LIC has reduced its exposure in the pharma company from 8.38% to 6.31%, the company said in a disclosure with the bourses. The transaction, involving a sale of 35.25 lakh shares, was valued at `875.29 crore. “LIC has sold 35.25 lakh shares via market sale. Following the transaction, LIC’s total shareholding in the company has come down to 6.31% from 8.38%,” DRL said.

As of June, 2012, the promoters of DRL held 25.57 per cent stake in the company, of which, 23.39% is held through Dr Reddy’s Holdings Ltd, while the remaining 2.18% stake is through individual entities. In July, 2012, the promoters have transferred a majority of their stake in the company to a family trust — APS Trust. The remaining stake is with the MFs, FIs and public.

The company’s scrip closed at Rs 1,913 on BSE.