Life Insurance Corporation of India said on June 16 that it has raised its shareholding in Dr. Reddy’s Laboratories Limited over a period of over nine months. Post the acquisition, the public sector insurer now holds a 5.646 percent stake in the pharmaceutical major.
“.....Corporation’s shareholding in “DR REDDYS LABORATORIES LTD” has increased from 60,64,345 to 93,96,801 Equity Shares increasing its shareholding from 3.644% to 5.646% of the paid-up of the said Company,” according to an exchange filing from LIC.
While giving details about the cost of acquisition or the price at which the shares were acquired, LIC stated that the holding increased by 2.002 percent between September 3, 2021 to June 15, 2022 at an average cost of Rs 4,670.46 per share.
The filing also stated that the acquisition would not fall within related party transaction(s) and the promoter / promoter group / group companies have no interest in the entity being acquired.The addition in stakes are part of its investment function and was done in an ordinary course of transaction, LIC informed stock exchanges. No governmental or regulatory approvals are required for the acquisition.