Life Insurance Corporation of India (LIC) has diluted its stake in GlaxoSmithKline Pharmaceuticals from 6.402 per cent to 4.357 per cent. In a disclosure to the stock exchanges, LIC said that it has sold about 34.20 lakh shares or 2.045 per cent of its holding in the global pharma major during September 2018-22 period.
The stake sale happened at an average price of ₹1,549.40, LIC said. Shares of insurance major on Wednesday closed one per cent lower at ₹663.20, while those of Glaxo slid 0.55 per cent at ₹1,409.90.
Besides LIC, General Insurance Corporation of India, too, holds 1.42 per cent stake in GlaxoSmithKline Pharma, according to June-end shareholding pattern available with the exchanges.