Stocks

LIC cuts stake in ACC by 2.68%

PTI Mumbai | Updated on March 12, 2018 Published on August 14, 2012

State-run Life Insurance Corporation has sold 2.68 per cent stake in cement maker ACC for Rs 187.75 crore through open market operations.

LIC had 10.51 per cent stake or 18.77 crore shares in ACC prior to the transactions that took place between November last year and August 10 this year, both at the BSE as well as the NSE, the cement firm said in a regulatory filing today.

Following the transactions, LIC’s shareholding in ACC, in which Swiss major Holicm has the majority stake, has now come down to 7.82 per cent.

As of June-end, LIC had 8.55 per cent stake in ACC and Holcim had 50.30 per cent stake.

The company’s scrip was trading at Rs 1,360 in the afternoon on the BSE, down 0.03 per cent over the previous close.

Competition watchdog CCI had on slapped Rs 1,147.59 crore penalty on ACC for its involvement in forming both price and production cartels along with its peers last June.

ACC, however, had said that it would file an appeal with the appropriate authority against the order.

Published on August 14, 2012
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