LIC announces sale of 6.91 pc stake in Ranbaxy

Mumbai, Oct 17 (UNI) State-run Life Insurance Corporation (LIC) of India today said it has sold a 6.91 per cent stake in drug maker Ranbaxy Laboratories at a rate of Rs 737 per share.

Though LIC did not disclose the time of the sale, a Company release said it owned 15.01 per cent of Ranbaxy as on June 30.

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 per cent of Ranbaxy's shares at Rs 737 rupees, which it said earlier on Friday had been completed.

Ranbaxy shares declined steeply by 10.35 per cent and closed at Rs 256.

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