LIC Trims Stake to 3.5%, Mops up Rs 850 crore
Insurance major, Life Insurance Corporation (LIC) has reduced their stake in Bangalore-based IT major Infosys to 3.25 per cent in the fourth quarter (January-December Fy14) from 3.71 per cent held in the third quarter (October-December Fy14). The share sale is estimated at over `850 crore.
LIC, the largest institutional investor in Infosys has reduced their stake in the company for the last few years. The state run insurance company had a 6.72 per cent stake in Infosys at the end of June 30, 2012, it was reported.
The reduction coming a day after reports that the share of Foreign Institutional Investors (FII) in the IT company has reached a nine year high of 42.10 per cent in the last quarter (January-March) of the last fiscal year 2013-14.
But domestic institutional investors share had declined to 13.66 per cent from 15.35 per cent in the previous quarter (October-December Fy14).
Shares of the company closed 0.91 per cent higher at `3235.85 on Monday at the Bombay Stock Exchange.