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LIC reduces stake by 2% in sun Pharma to 5.024% Details here

LIC reduces stake by 2% in sun Pharma to 5.024% Details here

LIC has reduces its stake in a host companies this month.(RETURNS)

Updated: 25 Jul 2022, 07:38 PM IST

As per the regulatory filing, LIC's shareholding in sun pharma has diluted from 16,85,66,486 to 12,05,24,944 equity share. Thereby, LIC's stake in sun pharma has been reduced from 7.026% to 5.024% of the paid-up capital of the latter.

Life insurance giant, LIC on Monday announced offloading of a portion of its stake in pharma major, Sun Pharmaceuticals Industries. LIC has trimmed it's stake by 2.002% in the pharma company. Both LIC and Sun Pharma shares witnessed a volatile tone in the days trading session before closing in the red. LIC has reduced its take in a host of companies this month. 

As per the regulatory filling, LIC's shareholding in Sun Pharma has diluted from 16,85,66,486 to 12,05,24,944 equity shares. Thereby, LIC stake in Sun Pharma has been reduced from 7.026% 25.024% of the paid up capital of the latter. 

On BSE, LIC shares closed at Rs.684.15 apiece down by Rs.4.80 or 0.70%. The shares had touched and intraday high of Rs.690.25 a piece and law of Rs.682.45 apiece it's market cap is around Rs.4,32,724.72 Crore. LIC is the largest insurance in India. 

Meanwhile, Sun Pharma shares finished at Rs.868.05 a peace lower by Rs.6.55 or 0.75% on BSE the shares touch the days high of 8775 a piece and law of 856.60 market cap is around 2,08,269.16 Crore. 

This month, LIC has also uploaded a portion of its shares in companies like Gujarat Narmada Valley fertilizers and Chemicals, Siemens, ICRA, and Mukund. 

Earlier this month LIC announced A final dividend of rupees 1.5 0 per share having a face value of rupees 10 each of Fiscal financial year 22 subject to shareholders approval in AGM on September 27, 2022 the company has fixed August 26 as the record date for determining eligible shareholders. 

As of March 31st 2022 the Indian embedded value (IEV) of LIC has been determined to be Rs.5,41,492 crore as compared to Rs.95,605 crore as on March 31st 2021 and Rs.5,39,686 crores as of September 30,2021.

The IEV as of September 30, 2021, was significantly higher than the IEV of March 2021 due to the bifurcation of funds that was carried out by LIC pursuant and to changes in the LIC Act during the financial year 2021-22 the ROEV (Return on embedded value) for March 21, 2022, is 11.9% as compared to 36.9% for March 2021.