Life Insurance Corporation of India has reduced its stake in Tata Global Beverages to 11.79 per cent by selling two per cent shareholding over a period of four months.
However, financial details were not disclosed. Based on today’s closing price of Rs 115.95, the offloaded shares would be worth about Rs 146 crore.
LIC has sold 1.26 crore shares of Tata Global Beverages, representing 2.03 per cent stake, between February 22 and June 27 this year, the beverages firm said in a regulatory filing on Friday.
The shares were sold in the open market. Prior to the sale, LIC held 13.83 stake in Tata Global Beverages.
LIC is the largest non—promoter shareholder in the company. It held 12.29 per cent at the end of March 2012, according to data available on the BSE.
Tata Global Beverages is the world’s second largest tea company. It employs over 3,000 people worldwide. Some of the known brands of the company include Tata Tea and Tetley.
Shares of the company closed flat at Rs 115.95 on the BSE.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.