LIC sells 2 pc stake in ACC for Rs 989 cr

LIC sold the shares over a period of five months,starting from June 2 this year.

Cement maker ACC Ltd today said Life Insurance Corporation of India has sold 37.87 lakh shares or 2.017 per cent stake in the company for around Rs 989 crore through open market transactions.

In a regulatory filing to the Bombay Stock Exchange,ACC said following the transaction,the state-run insurer now holds 10.786 per cent stake in the firm.

LIC sold the shares over a period of five months,starting from June 2 this year.

ACC’s scrip rose 0.61 per cent to close at 1,140 per share at the BSE today over the previous day’s closing.

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