India's largest life
insurer Life Insurance Corp of India (LIC) has divested about 2% holding in the
country's largest coffee producer and exporter Tata Global Beverages Ltd for Rs
1.61 billion in 19 months, starting August 2010.
The insurer sold over
12.7 million shares, representing 2.05% stake in the coffee producer between
August 2, 2010 and February 21, 2012, Tata Global said in a filing to the stock
exchanges Tuesday.
All the transactions
were made in the open market, it added.
Prior to the stake sale, LIC owned 15.89% stake in Tata Global.Earlier, in December, media reports, citing sources, had said the finance ministry would ask LIC to pick up 5%-10% government stake in public sector units (PSUs) and help the government achieve the Rs 400-billion disinvestment target for financial year 2011-12.
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