LIC reduces stake in Raymond by 2%

State-owned Life Insurance Corporation (LIC) has reduced its stake in textile and apparel major Raymond by 2.01%, selling 12.37 lakh shares in the open market. Raymond promoters Vijaypat Singhania and his son Gautam are involved in a property dispute over possession of a duplex flat in the multi-storied JK House building in south Mumbai. However, shareholders of the textile major rejected overwhelmingly the proposal for sale of JK House to its promoters and extended family at a substantial discount.