ALSO READExide Life Insurance posts 27 per cent jump in NP at Rs 112 cr Hero MotoCorp in spotlight as LIC cuts stake Government has divested a part of its stake in ITC to Life Insurance Corporation of India ITC declines after govt divests part stake ITC surges 6% on govt stake sale, trims most gains later
The Mahindra & Mahindra on Saturday said the Life Insurance Corporation of India (LIC) has brought down its stake to less than 10 per cent in the company by divesting around two per cent of its holding in the firm.
After the stake sale, the life insurer now has 9.958 per cent stake in the company, it said in a regulatory filing.
The LIC earlier had 11.95 per cent stake in the company, it added.
The insurance firm has sold more than 1.24 crore shares through market sale, the company added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)