Insurance major, Life Insurance Corporation of India (LIC) has decreased its stake by 2 per cent 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 per cent 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 per cent from 5.431 per cent. 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 closed down by 0.6 per cent at Rs 140.25 on BSE.
