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State-run insurer LIC has pared its stake in Infosys to 5.96%, reducing its holding in the IT major in the last quarter with an estimated sale of shares worth over Rs 2,000 crore.
Life Insurance Corporation of India (LIC), the biggest institutional investors in the stock market, held 7.24% stake in Infosys during the October-December quarter, which has fallen to 5.96% as of March 31.
LIC's holding in Infosys had gone up during the preceding three quarters, as per the latest data available with the stock exchanges. It held 4.92% stake in the company at the beginning of the last fiscal - April 1, 2012.
Taking into account the average market value of Infosys shares, the 1.28% decline in LIC's holding in the company would be worth about Rs 2,000 crore.
Infosys, considered to be IT bellwether, is scheduled to report its fourth quarter earnings tomorrow.
Infosys scrip has moved in a wide range from about Rs 2,100 level to around Rs 3,000 in the past one year. It is trading at Rs 2,900 on the BSE.
During January-March 2012, LIC had pared its holding in the company marginally -- from 5.17% to 4.92%. However, it rose to 6.28% in the April-June quarter, and to 6.60% in the July-September quarter, before rising to 7.24% as on December 31, 2012.
Foreign Institutional Investors (FIIs) marginally shed their stake from 40.55% during the October-December quarter, to 40.52% January-March quarter of 2012-13 fiscal.
Domestic Institutional Investors also reduced their holding from 18.70%, to 17.51% during the same period.
