LIC, the Life Insurance Corporation of India, announced on Thursday that it has sold 2% of its holding in Sun Pharma for ₹4,699 crore through open market sale. This resulted in a decrease in LIC’s shareholding from 5.023% to 3.012% of the paid-up capital of Sun Pharma. The shares were sold at an average price of ₹973.80 per share during the period from July 22, 2022, to September 13, 2023. Sun Pharma is a leading company engaged in the business of manufacturing, developing, and marketing branded and generic formulations as well as Active Pharma Ingredients (APIs). Following the sale, LIC is now holding 7,22,68,890 equity shares in Sun Pharma. LIC’s decision to sell a portion of its stake in Sun Pharma was part of its ordinary course of transactions in the open market.

Shares of LIC closed at ₹660.80 apiece on BSE, up by 0.27%, while Sun Pharma shares ended 0.8% up at ₹1,143.60.