Tata Global Beverages said in a filing to the BSE that Life Insurance Corporation has offloaded more than 1.27 crore shares, representing 2.05%.
These shares, worth more than R161.33 crore were sold between August 2, 2010 and February 21, 2012. All the transactions were through market sale.
Prior to the sale of these shares, Life Insurance Corporation held 15.89% stake in Tata Global Beverages. Shares of the company closed at R120.25 on the Bombay Stock Exchange on Tuesday, up 6.13% from its previous close.