The state-owned life insurance company benefited from the 17% Sensex rally during the year. Its profits from equities increased 72%
Mahindra & Mahindra today said Life Insurance Corporation Of India (LIC) has divested 2 per cent stake in the company.
Post the stake sale of the 2.001 per cent shares, LIC now has 9.958 per cent stake in the company, M&M said in a filing to BSE.
LIC earlier had 11.959 per cent stake in the company, the company added.
The insurance firm has sold over 1.2 crore shares through market sale, M&M said.
