Cipla has moved higher by 2.1% at Rs 432, its record high on back of heavy volumes after the pharmaceutical company said that Life Insurance Corporation of India (LIC) has sold 2.12% stake of the company via open market transaction in past four-and-half months.
“LIC has sold 17.07 million shares representing 2.12% stake of the company between August 21, 2012 and January 7, 2013 via open market,” Cipla said in a statement. Total holding of insurance giant in the company now stands at 6.21% from 8.34%, it added.
LIC, held 58.22 million or 7.25% stake in the company as on September 30, 2012, have offloaded around 8.34 million or 1% stake in past three months, the BSE data shows.
Foreign institutional investors (FIIs) raised their holdings in Cipla by 7.7% in first nine months of 2012, might accumulated the shares from LIC. Total FIIs holding in the company has increased to 20.79% in September 2012 from 13.09% at the end of December 2011.
The stock opened at Rs 423 and has seen over three-fold jump in trading volumes. As many as a combined around 1.85 million shares have already changed hands on the counter so far against an average sub 600,000 shares that were traded daily in past two weeks on both the exchanges.
