LIC raises stake in Cipla

State-owned Life Insurance Corporation of India (LIC) acquired more than 1.64 crore shares in Cipla in a little over four months from July.

LIC’s holding in the company consequently increased from 5.025% around mid-July to 7.055% by November-end, showed a filing by the drugmaker on the move by the country’s largest institutional investor. LIC acquired the additional 2% stake in the company through open market purchases. Cipla shares closed less than 1% lower on Monday at ₹1,523.80 apiece on the BSE.