Government divests 2% stake in ITC
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The government has divested 2% stake out of its total shares of ITC on Friday, a notification from the Ministry of Finance said.
The government sold the shares to LIC in a block trade on March 7, 2017, for Rs 6,682 crore, according to Arjun Ram Meghwal, Minister of State in the Ministry of Finance said in a written reply.
The trade was done through the government's Specified Undertaking of the Unit Trust of India (SUUTI).
The divestment was a part of the government's disinvestment policy keeping in mind the resource requirement of the government and the prevailing market condition, according to the notification.
On March 22, the government had said it was likely to sell part of its stake in Larsen and Toubro (L&T), Axis Bank, and ITC.
On Friday, the cigarettes-to-hotels group's shares closed 1.13% up or Rs 3.15% higher at Rs 281.05 apiece.
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