LIC cuts stake in Raymond to 5.53%

15 Oct 2016

Life Insurance Corporation (LIC), the country’s largest insurer has reduced its stake in fabrics and garments firm Raymond by 2.01%, by selling 12.34 lakh shares of the company in the open market. The country’s largest insurer which had 7.54% stake earlier, had brought down its shareholding in the company to 5.53% by selling shares between March 15, 2012, and October 10, 2016.

Raymond is one of India’s largest branded fabric and fashion retailers. It is one of the leading, integrated producers of suiting fabric in the world, with a capacity of producing 38 million meters of wool & wool-blended fabrics.

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