The country's most valued firm Reliance Industries (RIL) today said the public sector insurer Life Insurance Corporation of India (LIC) has hiked its stake in the company to 6.94 per cent over the past two years through open market transactions.

The state-owned insurer LIC has hiked stake in the Mukesh Ambani-led company to 6.94 per cent from 5 per cent for Rs 6,182 crore, RIL said in a disclosure to the Bombay Stock Exchange (BSE). The transactions were done between May 27, 2008 and January 4, 2010.

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RIL shares today closed at Rs 1,101.95, down by 0.29 per cent from its previous close on the BSE.

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