Life Insurance Corp sells stake in ACC, India

Life Insurance Corp sells stake in ACC, India
Published: 28 November 2011

Indian cement maker ACC Ltd on Tuesday said Life Insurance Corporation of India has sold 3.78 million shares or 2.017 per cent stake in the company for around INR989 crore (US$189.5m) through open market transactions.

In a regulatory filing to the Bombay Stock Exchange, ACC said following the transaction, the state-run insurer now holds 10.786 per cent stake in the firm.

LIC sold the shares over a period of five months, starting from 2 June this year.