LIC raises holding in Cipla to 9%

State-owned Life Insurance Corporation of India’s has increased its holding in drugmaker Cipla from 7% to 9% in less than three months.

The country’s largest institutional investor acquired more than 1.64 crore shares, through open market purchases, between November 27 and February 18, a filing by Cipla on Friday showed.

LIC, which holds 9.091% in Cipla as per the latest filing, had over four months till November last year raised its holding, in the drugmaker, from 5.025% to 7.055%. Cipla shares on Friday closed less than 1% at ₹1,341.45 apiece on the BSE.