Life Insurance Corporation of India, (LIC), India's largest insurer has announced that it has increased its stake holding in coffee producer and exporter, Tata Coffee.

The sources said that LIC has increased its pre-existing holding of 4.84% to 5.28%, by purchasing 82,667 shares worth Rs1.63 crore of Tata Coffee.

The company has purchased shares through open market transactions.

Shares of Tata Coffee today settled at Rs 196.60, down 1.26 per cent on the Bombay Stock Exchange (BSE).