State-owned Life Insurance Corporation (LIC) has reduced its stake in textile and apparel major Raymond& by 2.01 per cent, selling 12.37 lakh shares in the open market. LIC, which had 5.53 per cent stake earlier, brought down its shareholding in the company to 3.51 per cent by selling shares between October 11, 2016 to September 4, 2017, Raymond said in a filing to the BSE.

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.

In June, proxy advisory firm Institutional Investor Advisory Services (IiAS) had red-flagged the proposal saying Raymond’s promoters and their extended family are trying to buy the premium property in Mumbai from the company at throwaway rates which will result in loss of over Rs. 650 cr to the company and its shareholders.

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. Shares of Raymond ended at 856.15 apiece, up 0.35 per cent on the BSE.