Life Insurance Corp trims stake in ACC, India

State-run Life Insurance Corporation (LIC) has sold 2.68 per cent stake in cement maker ACC  for INR187.75 crore through open market operations.

LIC had 10.51% stake (or 18.77 crore shares in ACC) prior to the transactions that took place between November 2011 and August 2012, both at the Bombay Stock Exchange as well as the National Stock Exchange, the cement firm said in a regulatory filing today.

Following the transactions, LIC's shareholding in ACC, in which Swiss major Holcim holds a 50.3 per cent majority stake, has now come down to 7.82 per cent per cent