Life Insurance Corporation of India (LIC) on Wednesday said its shareholding in Divis Laboratories has crossed 5 per cent as it has purchased additional shares for Rs 35.82 crore.
LIC said its shareholding in Divis Laboratories has increased from 4.992 per cent to 5.032 per cent as the number of shares held by it in the company rose from 1,32,54,663 to 1,33,60,663.
Holding in the company crossed the 5 per cent mark on November 7, 2022. The acquisition of shares was done at an average price of Rs 3,379.01, LIC said in a regulatory filing.
As a regulatory disclosure norm, listed companies are required to inform the stock exchanges upon change in shareholding to the tune of 5 per cent and above.
Divis Laboratories is engaged in manufacturing of Active Pharmaceutical Ingredients (APIs), intermediates and nutraceutical ingredients with predominance in exports.
Stock of LIC closed at Rs 631.20 apiece on BSE, down by 0.33 per cent, while Divis Lab scrip ended 3.38 per cent lower at Rs 3,298.15.
