LIC sells 2.13% stake in Dr Reddy's

Life Insurance Corporation (LIC) sold 2.13 per cent stake in the city-based Dr Reddy's Laboratories from January 10 to May 10 through open market. Following the stake sale, LIC shareholding in the India's second largest drug maker has come down to 4.1 per cent, Dr Reddy's said in a filing to bourses. According to the filing, LIC sold 36,20,088 shares representing 2.132 per cent. LIC held 6.312 per cent stake in the company before the stake sale. During the last quarter ended March 31, foreign institutional investors (FIIs) have acquired 5.93 million shares representing 3.49 per cent stake in the company, while DIIs sold 2.95 per cent stake. As on March 31, promoters hold 25.56 per cent; FII and DIIs are holding 29.66 per cent and 11.03 per cent, respectively, while others hold 33.75 per cent. The company is scheduled to announce its fourth quarter results of the last financial year on Tuesday.