The Life Insurance Corporation bought 2.5 crore of these, tantamount to 0.79% stake. As of September 30, LIC held 6.07% stake in RIL. After Monday’s deal, its stake stands at 6.86%. LIC is the top shareholder among institutions in the company. Reliance Industries Ltd raised Rs 2600 crore ($559.5 million) by selling 25 million shares at a 5% discount to Life Insurance Corp of India. (Shares in Reliance Industries were traded in the market at 1,069.80 rupees at 0425 GMT on Monday.) RIL merely said the shares were sold at Rs 1,035 each, a discount of around 5% to the market price, in a statement on Monday.