LIC cuts stake in Glaxo Pharma to 4.357% – Life Insurance Corporation of India (LIC) has slashed its stake in GlaxoSmithKline Pharmaceuticals from 6.402% to 4.357%. it has sold about 34.20 lakh shares or 2.045% of its holding in the global pharma major during September 2018-22 period.
- The stake sale was at an average price of ₹1,549.40 and Shares of insurance major closed 1%lower at ₹663.20, while those of Glaxo slid 0.55% at ₹1,409.90.
- General Insurance Corporation of India also has a 1.42% stake in GlaxoSmithKline Pharma.
Life Insurance Corporation of India (LIC) –
Founded: 1 September 1956
Chairperson: M R Kumar
Headquarters: Mumbai
Founder: Government of India
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