LIC increases its shareholding in Dr Reddy's Laboratories Ltd

New Delhi: State-owned Life Insurance Corporation (LIC) in a regulatory filing on Monday said that its shareholding in Dr Reddy's Laboratories Ltd has increased from 1,27,83,287 to 1,61,44,983 equity shares. Thus, the company has increased its shareholding from 7.67 percent to 9.69 percent of the paid-up capital of the company.

Specific details

The filing also noted that the market capitalisation value of Dr Reddy's Laboratories is around Rs 72,712.09 crores. There is an increase of meagre two percent in holding from September 30, 2022 to March 10 at an average cost of Rs 4.403.02. The shares were purchased via open market. As per the filing, the company increased its shareholding for investment purposes and was done in the ordinary course of action. The acquisition does not require any government or regulatory clearances.

The acquisition would not be a related party transaction, according to the filing, because the promoter/promoter group/group firms have no stake in the entity being acquired, the filing added.

Brief profile of Dr Reddy's Laboratories Ltd

The company also shared a brief profile of Dr Reddy's Laboratories and said, "Dr Raddy's Laboratories Ltd is a pharmaceutical company which offers a portfolio of products and services, including Active Pharmaceutical Ingredients (APls), Custom Pharmaceutical services (CPS), generics, biosimilars and differentiated formulations."

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