State-owned Life Insurance Corporation (LIC) of India has reduced its shareholding Tata Global Beverages (TGBL) to 3.62 per cent by selling 2.05 per cent stake in open market.
LIC sold 1.29 crore shares, representing 2.05 per cent stake, of TGBL in open market between August 23, 2017 to February 21, 2018. The insurance giant had 5.67 per cent stake in TGBL earlier.
Tata Global Beverages is a global beverage business with a brand presence in over 40 countries. The company has significant interests in tea, coffee and water and is the world's second largest tea company.