General insurers sell ITC stock to hike book value before listing

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Ahead of listing, public sector general insurance companies have reduced their stakes in one of their most valued blue-chip company, ITC.

New India Assurance’s shareholding in ITC fell from 1.75 per cent in the December quarter to 1.70 per cent in the March quarter of 2016-17, according to the BSE. Oriental Insurance’s stake fell from 1.46 per cent to 1.40 per cent. The stake of General Insurance Corporation of India (GIC) in ITC came down from 1.77 per cent to 1.76 per cent between the third and the fourth quarters of the last financial year.

Kolkata-based National Insurance which, according to the BSE, held 1.21 per cent in ITC at the end of third quarter of the last financial year, too, sold a part of its stake in the past few months, while retaining a part of its shareholding, said Sanath Kumar, chairman and managing director.
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