LIC offloads 2% stake in Infosys for Rs 3,738 crore

LIC, the country’s largest insurer, has offloaded 2% stake in IT bellwether company Infosys. Following this, the insurer’s stake in the company now stands at 5% down from 7% earlier. The insurer has sold close to 1.16 crore shares amounting to Rs 3,738 crore through the open market on both the NSE and the BSE. The insurer had been consistently raising its stake in the company for the past two quarters.

As of June 2013, the promoters holding in the company stood at 16.04% while institutions and non-institutions held 57.83% and 13.59% respectively.