State-run Life Insurance Corporation has sold 2.12 per cent stake in drug manufacturer Cipla through open market transactions over a period of nearly five months.
The insurer has reduced the stake to 6.21 per cent.
"LIC has sold 1.7 crore shares representing 2.12 per cent stake of the company between August 21, 2012 and January 7, 2013 via open market," Cipla said in a filing to the BSE.
However, financial details were not disclosed.
Following the stake sale, LIC's total shareholding in the company has come down to 6.21 per cent from 8.34 per cent.
LIC held over 5.82 crore shares or 7.25 per cent stake in the company as on September 30, 2012.
Meanwhile, Foreign Institutional Investors (FIIs) have raised their holding in Cipla to 20.79 per cent in September 2012 from 13.09 per cent at the end of December 2011.
Shares of Cipla ended the day 1.31 per cent higher at Rs 428.85 on the BSE.