State-owed insurer LIC has sold 2 percent stake in Gujarat Narmada Valley Fertilisers and Chemicals Ltd (GNVFCL) through open market transaction.
In a BSE filing, GNVFCL said Life Insurance Corporation has 31,20,693 shares, equivalent to 2 percent stake, in the current month.
After the sale of shares, LIC's stake in the company has come down to 7.80 percent from 9.81 percent.
At today's closing price of Rs 153.85 a piece, the total value of shares sold comes about Rs 48 crore.
According to the shareholding pattern, promoters held 41.21 percent in the company, while LIC had 8.56 percent as on June 30 of this year.
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