Today the share price of Dr Reddy’s Laboratories Ltd rose by 1.92% to Rs 4419 as LIC increased its stake in the company. LIC (Life Insurance Corporation of India) has purchased 3,386,486 shares in Dr Reddy’s Laboratories Limited through open market purchase at an average price of Rs 4289.29, the company said on Monday, October 3.
Prior to the deal, LIC held 5.645% of the paid-up capital in Dr Reddy’s Laboratories Limited with equity shares of 93,96,801. After buying 3,386,486 more shares, LIC has 1,27,83,287 equity shares in Dr Reddy’s Laboratories Ltd which is 7.679% of the paid-up capital of the company.
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Dr Reddy’s Laboratories Ltd is an integrated pharmaceutical company with a market cap of Rs 73056 crores and company expansion in the USA, India, Russia and CIS countries, and Europe.
LIC (Life Insurance Corporation of India) is the largest life insurer in India with a strong distribution network in the country.
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