Insurance major, Life Insurance Corporation of India (LIC) has decreased its stake by 2% in Gujarat public sector enterprise, Gujarat Alkalies and Chemicals Limited (GACL) since December, 2012.
LIC has sold over 1.48 million shares of GACL during December 6, 2012 to January 23, 2013 period, the company informed in a filing with the Bombay Stock Exchange (BSE).
In a disclosure, GACL further informed that LIC had sold about 2.019% stake in the company through open market during the said period. Post the stake sale, LIC's stake in GACL has been reduced to 3.412% from 5.431%. After the stake sale, LIC holds about 2.5 million shares of GACL, the filing said.
GACL traded negative in the afternoon trades on the Bombay Stock Exchange (BSE). The stock was down by close to 2% at Rs 138.6 on BSE.
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