FMCG giant Hindustan Unilever (HUL) today said Life Insurance Corporation of India (LIC) has reduced its stake in the company to 6.949 per cent by selling its share in the market.
LIC, which held 8.949 per cent in the FMCG firm as on November 21, 2007, has sold 45,935,297 shares aggregating to 2 per cent stake in the company at a value of Rs 1,254.6 crore, HUL said in a filing to the Bombay Stock Exchange (BSE).
The company said the shares was sold over a period of four years from November 21, 2007 till January 6, 2011.
After the share sale, the insurance company has 151,642,638 shares or 6.949 per cent stake in HUL, it added.
Shares of HUL was trading at Rs 308.50 on the BSE, up 2.02 per cent from the previous close.