By Malvika Gurung
Investing.com -- The country’s largest insurance company Life Insurance Corporation Of India (NS: LIFI ) has cut its stake in the leading pipe solutions provider Welspun Corp (NS: WGSR ) by a little over 2% through market sale.
The insurance bellwether slashed its shareholding in Welspun Corp by 2.05% in a period of almost 10 months.
LIC sold a total of 53,62,088 equity shares of the global conglomerate through market sale from November 10, 2022, to September 4, 2023, paring its voting capital in the company to 5.202% from 7.252% earlier.
Post paring its stake in Welspun Corp, the life insurance behemoth now holds a total of 1,36,06,752 shares of the Mumbai-headquartered conglomerate, compared to 1,89,68,840 shares of the company held by LIC earlier.
Shares of Welspun Corp traded 0.7% lower at Rs 333.25 apiece at 128 pm on Tuesday, and at the stock’s current market price (CMP), the state-owned life insurer’s total holding in the small-cap company stands at Rs 453.44 crore.
The stock has jumped 40.6% so far in the calendar year 2023.
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