Key Points of LIC Stake Investment Boosts in Dr. Reddy’s:
- LIC has increased its shareholding in Dr Reddy’s Laboratories by 2%.
- The purchase of shares took place from September 20, 2022, to March 10, 2023, at an average price of ₹4403.02.
- LIC’s holding in the company has risen from 5.005% to 7.278%, and it now holds 9.695% of the paid-up capital of the company.
- The shares were purchased through an open market transaction.
- The increase in LIC’s shareholding in Dr Reddy’s Laboratories is reflected in its regulatory filing.
- Dr Reddy’s Laboratories reported a consolidated net profit of ₹1,247 crore in the third quarter ending December 31, 2022, up 77% from the previous fiscal’s October-December period’s net profit of ₹706 crore.
Details of LIC Stake Investment Boosts in Dr. Reddy’s:
LIC Raises Shareholding in Dr Reddy’s Laboratories by 2%
On Monday, the Life Insurance Corporation of India (LIC) announced that it has increased its shareholding in Dr Reddy’s Laboratories by 2%. According to the company’s regulatory filing, LIC’s holding has risen from 5.005% to 7.278%. The purchase of shares occurred from September 20, 2022, to March 10, 2023, at an average price of ₹4403.02.
LIC now holds 9.695% of the paid-up capital of the company, up from the previous 7.676%. The shares were purchased through an open market transaction. “This is to inform that Corporation’s shareholding in ‘DR. REDDY’S LABORATORIES LTD.’ has increased from 1,27,83,287 to 1,61,44,983 Equity Shares, increasing its shareholding from 7.676% to 9.695%,” said LIC in its regulatory filing.
Dr Reddy’s Laboratories, a drug firm, reported a consolidated net profit of ₹1,247 crore in the third quarter ending December 31, 2022, up 77% from the previous fiscal’s October-December period’s net profit of ₹706 crore.
About LIC:
LIC, the premier insurance provider in India, holds a commanding market share of over 66.2% in new business premium. The company presents an extensive array of insurance products, including participating and non-participating options, such as unit-linked insurance, savings insurance, term insurance, health insurance, and annuity and pension products.
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