On Monday, representing about 2 per cent stake, Life Insurance Corporation of India (LIC) sold over 5.25 crores shares of Axis Bank Ltd. through an open market transaction.
In a filing to the Bombay Stock Exchange, the private sector bank said that LIC’s stake in Axis Bank now stands at 10.20 per cent from 12.21 per cent earlier.
Without disclosing the sale value, the filing said that LIC sold 5,25,06,202 shares through open market. However, as the insurer sold the shares over a period of time, the total sale value could not be ascertained.
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