Saturday, October 18, 2008

LIC Offloads 6.91% Of Ranbaxy - Oct 18, 2008

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.

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