LIC, the country’s largest insurer, has reduced its stake in IT bellwether company Infosys by about 2%. LIC’s stake in Infosys now stands at 5% down from 7% earlier.
In a filing on Friday, the insurer informed the exchanges that it had sold close to 1.16 crore shares amounting to Rs 3,738 crore. The sale was done through the open market on both the NSE and the BSE.
As of June 2013, LIC’s stake in Infosys was about 6.72%. The insurer had been consistently raising its stake in the company for the past two quarters.
On Thursday, the Infosys scrip closed up 0.2% at Rs 3013.35 per share.