Money Jan 1, 2013
New Delhi: State-run Life Insurance Corporation (LIC) has reduced its stake in Tata Global Beverages Ltd to little over 7 percent by offloading shares over a period of four months.
LIC sold over 1.28 crore shares, representing around 2.08 percent stake, in the Tata group firm. These scrips were offloaded between August 23 and December 26, 2012, through open market sale, Tata Global Beverages said in a filing to the BSE.
Prior to the sale, the public sector insurer held 9.71 percent stake in the company. Now, the shareholding has come down to 7.63 percent. In a separate filing to the BSE, Sanofi India said, LIC has offloaded over two per cent stake in the company. These shares were sold over a five-year period between September 18, 2007 to December 26, 2012.
According to the filing, LIC offloaded 2.01 percent stake in Sanofi through open market transactions and the
shareholding now stands at 3.06 percent.