Banks, FIs cut stake in ITC

ITC Ltd has witnessed a decline in its shareholding pattern with the Indian public, banks, financial institutions and insurance firms reducing their holding in the company.

According to latest the data , Indian public holding as on March 31, 2004, has come down by 1.90 pc to 13.30 pc of the total equity shares of the company from 14.90 pc held on March 31, 2003.

Banks, FIs, insurance firms and mutual funds have reduced their holding by 3.42 pc to 8,65,92,624 shares or 34.96 pc of the total equity shares in March, 2004. The holding of foreign companies also decreased marginally. However, foreign institutional investors raised their stake by 5.11 per cent in the same period.