Goverment sells enemy shares in Wipro

New Delhi: The government has sold enemy shares worth around Rs 1,150 crore in IT major Wipro to Life Insurance Corporation and two other state-owned insurers. The Custodian of Enemy Property for India offloaded more than 4.43 crore shares of the company at a price of Rs 258.90 apiece, according to block deal data available with BSE on Thursday.

Apart from Life Insurance Corporation (LIC), General Insurance Corporation and The New India Assurance Corporation have bought the shares. The proceeds would add to the government’s disinvestment kitty. More than 3.86 crore enemy shares were purchased by LIC. Generally, enemy property refers to the assets left behind by people who migrated to Pakistan or China and are no longer citizens of India.

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