Life Insurance Corporation of India (LIC) eastern zonal head office building in Kolkata. File
| Photo Credit: REUTERS

LIC on Thursday said it has sold 2% of its holding in Sun Pharma for ₹4,699 crore via open market sale.

Following the share sale, there is a decrease of 2% in holding during the period from July 22, 2022 to September 13, 2023.

“Corporation’s shareholding in Sun Pharma has diluted from 12,05,24,944 to 7,22,68,890 equity shares decreasing its shareholding from 5.023% to 3.012% of the paid-up capital of the said company,” LIC said in a regulatory filing.

The shares were sold at an average price of ₹973.80 per share during the period through an open market sale in an ordinary course of transaction, it said.

Sun Pharma is engaged in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharma Ingredients (APls).

Shares of the country’s largest state-owned insurer, LIC, closed at ₹660.80 apiece on BSE, up by 0.27%. Sun Pharma shares ended 0.8% up at ₹1,143.60.