LIC increases its stake in Dr Reddy's Laboratories to 7.7%

Dr Reddy's Laboratories Ltd on Monday said Life Insurance Corporation of India has increased its stake to 7.7 per cent in the pharmaceutical firm through purchase of 33.86 lakh shares from open market over a period of time. Life Insurance Corporation of India (LIC) earlier held around 5.65 per cent stake in the company, Dr Reddy's Laboratories (DRL) said in a regulatory filing.

Between June 15, 2022 and September 30, 2022 LIC purchased 33,86,486 shares of DRL, aggregating 2.034 per cent stake from the open market, it added.

Subsequently, LIC's holding in the company stands at 7.7 per cent, it added.