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India's LIC says sold 6.91 pct of Ranbaxy

Fri Oct 17, 2008 4:16am EDT

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MUMBAI, Oct 17 (Reuters) - State-run Life Insurance Corp of India said on Friday it has sold a 6.91 percent stake in drug maker Ranbaxy Laboratories (RANB.BO) at 737 rupees a share.

LIC did not say when the sale had taken place. It owned 15.01 percent of Ranbaxy as at June 30, latest data available with the two main stock exchanges showed.

Ranbaxy has agreed to a takeover by Japan's Daiichi Sankyo Co (4568.T). As part of that deal, Daiichi Sankyo made an open offer for up to 20 percent of Ranbaxy's shares at 737 rupees, which it said earlier on Friday had been completed. See [ID:nT280086].

At 0813 GMT Ranbaxy shares were down 0.9 percent at 264 rupees. (Reporting by Narayanan Somasundaram; Editing by John Mair)



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