Hindustan Unilever (HUL) stated that by selling its share in the market, the insurance firm,Life Insurance Corporation of India (LIC) has lessened its stake in the company to 6.949 percent.As on November 21, 2007, LIC had held 8.949 per cent in the HUL but, has sold 45,935,297 shares aggregating to 2 per cent stake in HUL at a value of Rs 1,254.6 crore,
Meanwhile, HUL also said that the shares were sold over a period of 4 years from November 21, 2007 till January 6, 2011. LIC now has 151,642,638 shares or 6.949 per cent stake in HUL after the share sale.
The Life Insurance Corporation of India (LIC) is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses. It has assets estimated of 9.31 trillion (US$202.03 billion).
It was founded in 1956 with the merger of more than 200 insurance companies and provident societies.