LIC sells Tata Global Beverages shares

Life Insurance Corp (LIC) has sold shares worth Rs 160 crore of Tata Global Beverages,representing a little over two per cent stake in the company.

In a regulatory filing today,Tata Global Beverages said LIC has offloaded 1.28 crore shares,translating to around 2.08 per cent stake in the beverages major.

These shares,sold between June 28 and August 24 this year,were worth Rs 160.15 crore. They were offloaded through open market transactions.

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LIC now holds 9.71 per cent stake in Tata Global Beverages. Prior to these transactions,the insurance major held 11.79 per cent shareholding in the company.

Shares of Tata Global Beverages today closed almost unchanged at Rs 128.60 apiece on the BSE.

Tata Global Beverages is the world’s second largest tea company. The group’s annual turnover is USD 1.4 billion and it employs over 3,000 people worldwide.

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