Insurance behemoth Life Insurance Corporation is looking to bring down its exposure to Tata Sons, said sources.
LIC's stake of over 15 per cent of more than Rs 5,000 crore in the Tata group's holding company will be diluted immediately, ET NOW reported.The remaining stake will be brought down in a phased manner, the sources told ET NOW, adding that the investments will turn unsecured after change in status of Tata Sons.A majority of LIC's investments in Tata Sons is through NCDs.Tata Sons' conversion into a private firm from a public company is said to be the trigger behind the move.According to the Insurance Regulatory and Development Authority of India (IRDAI), insurers cannot own stake in unlisted companies.