Life Insurance Corporation of India (LIC) has offloaded over 2% stake in Gujarat public sector enterprise, Gujarat Alkalies and Chemicals since December, 2012. Insurance major has sold over 1.48 million shares of the company during December 6, 2012 to January 23, 2013 period.
Post the stake sale, LIC’s stake in the company has been reduced to 3.412% from 5.431%. After the stake sale, LIC holds about 2.5 million shares of GACL.
Gujarat Alkalies and Chemicals is engaged in business of manufacturing basic chemicals such as sodium cyanide, sodium ferrocyanide, chloromethanes, hydrochloric acid, caustic potash, potassium carbonate, phosphoric acid (85%) and hydrogen peroxide.