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Govt raises Rs 6,700 cr from 2% stake sale in ITC

ITC shares rose as much as 5.5% in early trade to a record high of Rs 292.15 after news of the sale


Reuters  |  Mumbai/New Delhi 

India has sold a 2 per cent stake in consumer goods and cigarettes maker ITC Ltd, raising about Rs 6,700 crore ($995 million) for the government, three sources with direct knowledge of the deal said on Tuesday. State-owned Specified Undertaking of Unit Trust of India (SUUTI), which owned 11.12 per cent of ITC as of end-December, pared the stake via block deals in the market, the sources said. Life Insurance Corp (LIC), which typically invests heavily in government divestments, bought the stake, the sources added. While LIC is fully owned by the government, its financials are ...

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First Published: Tue, February 07 2017. 12:30 IST