The country's largest insurer offloaded 40,31,002 shares, constituting 2.01 percent , for Rs 162.58 crore in Biocon through open market transaction, the company said in a filing to the BSE.
Also read: Biocon to start selling breast cancer drug in India in Feb
LIC's stake in Biocon has come down to 3.01 percent from 5.02 percent earlier after the offloading of shares, the biotechnology firm said.
Last month, LIC had announced that it had cut its stake in Ranbaxy Laboratories to a little over 6 percent by selling more than two percent stake over the past five years.
The company had offloaded 45,08,036 shares, constituting 2.01 per in Ranbaxy between October 15, 2008, and December 20, 2013.
LIC's stake in Ranbaxy has come down to 6.13 percent from 8.15 percent during the period from October 15, 2008 and December 20, 2013.
Shares of Biocon were trading at Rs 449 on the BSE in late afternoon trade, up 1.70 percent from its previous close.
Ranbaxy Labs stock price
On January 20, 2014, Ranbaxy Laboratories closed at Rs 408.75, up Rs 2.35, or 0.58 percent. The 52-week high of the share was Rs 490.15 and the 52-week low was Rs 253.95.
The latest book value of the company is Rs 45.34 per share. At current value, the price-to-book value of the company was 9.02.
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