State-owned Life Insurance Company has cut its stake in Biocon to a little over 3 per cent by selling more than two per cent stake for over Rs 162 crore in the biotechnology major.

The country’s largest insurer offloaded 40,31,002 shares, constituting 2.01 per cent, for Rs 162.58 crore in Biocon through open market transaction, the company said in a filing to the BSE.

LIC’s stake in Biocon has come down to 3.01 per cent from 5.02 per cent earlier after the offloading of shares, the biotechnology firm said.

Last month, LIC had announced that it had cut its stake in Ranbaxy Laboratories to a little over 6 per cent by selling more than two per cent stake over the past five years.

The company had offloaded 45,08,036 shares, constituting 2.01 per in Ranbaxy between October 15, 2008, and December 20, 2013.

LIC’s stake in Ranbaxy has come down to 6.13 per cent from 8.15 per cent during the period from October 15, 2008 and December 20, 2013.

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