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LIC sold 12.37 lakh shares of Raymond in the open market. Photo: Mint
LIC sold 12.37 lakh shares of Raymond in the open market. Photo: Mint

LIC reduces stake in Raymond by 2%

LIC, which had 5.53% stake earlier, brought down its shareholding in Raymond to 3.51%

New Delhi: State-owned Life Insurance Corporation (LIC) has reduced its stake in textile and apparel major Raymond by 2.01%, selling 12.37 lakh shares in the open market.

LIC, which had 5.53% stake earlier, brought down its shareholding in the company to 3.51% by selling shares between 11 October 2016 to 4 September 2017, Raymond said in a filing to the BSE.

Raymond promoters Vijaypat Singhania and his son Gautam are involved in a property dispute over possession of a duplex flat in the multi-storied JK House building in south Mumbai.

In June, proxy advisory firm Institutional Investor Advisory Services (IiAS) had red-flagged the proposal saying Raymond’s promoters and their extended family are trying to buy the premium property in Mumbai from the company at throwaway rates which will result in loss of over Rs650 crore to the company and its shareholders.

However, shareholders of the textile major rejected overwhelmingly the proposal for sale of JK House to its promoters and extended family at a substantial discount.

Shares of Raymond ended at Rs856.15 apiece, up 0.35% on the BSE.

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