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LIC of India offloads 2% stake of Grasim Industries

Capital Market 

Life Insurance Corporation of India (LIC) sold 1,33,50,869 equity shares or 2.028% stake of Grasim Industries from 24 September 2020 to 23 November 2021.

Post transaction, Life Insurance Corporation of India (LIC) decreased its shareholding to 6,47,02,813 equity shares or 9.830% stake from 7,80,53,682 equity shares or 11.858% stake held in Grasim Industries. The deal was executed as market sale.

As of 30 September 2021, Life Insurance Corporation (LIC) of India held 10% stake in Grasim Industries.

Grasim Industries' consolidated net profit jumped 27.4% to Rs 2,032.41 crore on a 25.7% surge in net sales to Rs 22,564.22 crore in Q2 September 2021 over Q2 September 2020.

Shares of Grasim Industries gained 0.50% to Rs 1,754.75 on BSE. Grasim Industries is a leading global producer of Viscose Staple Fibre, the largest Chlor-Alkali, Linen and Insulators player in India. Through its subsidiaries, UltraTech Cement and Aditya Birla Capital, it is also India's largest cement producer and a leading diversified financial services player.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 25 2021. 12:36 IST