Life Insurance Corporation of India (LIC) has hiked its stake in Tata Tea to 13.93 per cent after buying shares worth Rs 109.75 crore through open market transactions.

LIC has purchased 1.4 million shares, representing 2.38 per cent stake in the company, for Rs 109.75 crore, Tata Tea said in a disclosure on the Bombay Stock Exchange.

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Shares of Tata Tea were trading at Rs 868 on BSE, down 0.44 per cent from previous close.

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