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General insurers sell ITC stock to hike book value before listing

LIC, however, increases stake in company to 16.29%

A man talks on his mobile phone as he walks past an ITC office building in Kolkata. Photo: Reuters
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A man talks on his mobile phone as he walks past an ITC office building in Kolkata. Photo: Reuters

Namrata AcharyaIshita Ayan Dutt Kolkata
Ahead of listing, public sector general insurance companies have reduced their stakes in one of their most valued blue-chip company, ITC Ltd.

New India Assurance’s shareholding in ITC fell from 1.75 per cent in the December quarter to 1.70 per cent in the March quarter of 2016-17, according to the BSE. Oriental Insurance’s stake fell from 1.46 per cent to 1.40 per cent. The stake of General Insurance Corporation of India (GIC) in ITC came down from 1.77 per cent to 1.76 per cent between the third and the fourth quarters of the last financial year.

Kolkata-based National Insurance which,

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