The Life Insurance Corporation (LIC) has lowered its stake in textile and apparel major Raymond by 2.01 percent by selling 12.37 lakh shares in the open market.

Raymond has said in a BSE filing that LIC, which had 5.53 percent stake earlier, brought down its shareholding in the company to 3.51 percent through sell of share between October 11, 2016 to September 4, 2017.

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