Mumbai: FMCG giant Hindustan Unilever (HUL) on Friday said Life Insurance Corporation of India (LIC) has reduced its stake in the company to 6.949% by selling its share in the market.
LIC, which held 8.949% in the FMCG firm as on 21 November, 2007, has sold 45,935,297 shares aggregating to 2% stake in the company at a value of Rs1,254.6 crore, HUL said in a filing to the Bombay Stock Exchange (BSE).
The company said the shares was sold over a period of four-year from 21 November, 2007 till 6 January, 2011.
After the share sale, the insurance company has 151,642,638 shares or 6.949% stake in HUL, it added.
Shares of HUL was trading at Rs308.50 on the BSE, up 2.02% from the previous close.