Life Insurance Corporation of India has reduced its stake in Tata Global Beverages to 11.79% by selling two per cent shareholding over a period of four months.
However, financial details were not disclosed. Based on today's closing price of Rs 115.95, the offloaded shares would be worth about Rs 146 crore.
LIC has sold 1.26 crore shares of Tata Global Beverages, representing 2.03% stake, between February 22 and June 27 this year, the beverages firm said in a regulatory filing today.
The shares were sold in the open market. Prior to the sale, LIC held 13.83% stake in Tata Global Beverages.
LIC is the largest non-promoter shareholder in the company. It held 12.29% at the end of March 2012, according to data available on the BSE.
Tata Global Beverages is the world's second largest tea company. It employs over 3,000 people worldwide. Some of the known brands of the company include Tata Tea and Tetley.
Shares of the company closed flat at Rs 115.95 on the BSE.