Aditya Birla-led Hindalco on Thursday said insurance giant lIC has raised its stake in the aluminium maker to over 13 per cent. In a BSE filing, Hindalco said lIC acquired 2.009 per cent stake in the firm through open market transaction between April 16 and June 17, 2015.
After the transaction, the state-run firm's stake in Hindalco increased from 11.328 per cent to 13.337 per cent. The aluminium maker had reported a 36 per cent fall in standalone net profit to Rs160 crore for the quarter ended March 31 against Rs248 crore in the year-ago period, mainly on account of Rs146 crore liability towards Renewable Power Obligations (RPO).