New Delhi: State-owned Life Insurance Company (LIC) informed the exchanges on Thursday that the corporation has decreased its shareholding in United Nilgiri Tea Estates Company Limited by more than two percent. Further, it noted that "the holding has decreased from 3,80,396 to 2,80,170 equity shares, decreasing its shareholding from 7.613 percent to 5.607 percent of the paid-up capital of the said company."

The market capitalisation of United Nilgiri Tea Estates Company Limited stood at Rs 138.4 crores. The transaction was based out of the ordinary course and solely done for investment purposes, it noted. Further, it also said that no government approval or regulatory approvals were required for acquisition. The transaction happened through an open market sale.

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