India’s LIC says sold 6.91% of Ranbaxy

India’s LIC says sold 6.91% of Ranbaxy

Mumbai: State run Life Insurance Corp of India (LIC) said that it has sold a 6.91% stake in drug maker Ranbaxy Laboratories at Rs737 a share.

LIC did not say when the sale had taken place. It owned 15.01% of Ranbaxy as on 30 June, latest data available with the two main stock exchanges showed.

Ranbaxy has agreed to a takeover by Japan’s Daiichi Sankyo Co. As part of that deal, Daiichi Sankyo made an open offer for up to 20% of Ranbaxy’s shares at Rs737, which it said had been completed.

Ranbaxy shares were down 0.9% at Rs264.