State-owed insurer LIC has sold 2 per cent stake in Gujarat Narmada Valley Fertilisers and Chemicals Ltd (GNVFCL) through open market transaction.
In a BSE filing, GNVFCL said Life Insurance Corporation has 31,20,693 shares, equivalent to 2 per cent stake, in the current month.
After the sale of shares, LIC's stake in the company has come down to 7.80 per cent from 9.81 per cent.
At today's closing price of Rs 153.85 a piece, the total value of shares sold comes about Rs 48 crore.
According to the shareholding pattern, promoters held 41.21 per cent in the company, while LIC had 8.56 per cent as on June 30 of this year.
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