LIC, which had 5.30 per cent stake earlier, brought down its shareholding in the company to 3.26 per cent by selling shares between September 9, 2010, and September 27, 2013, Britannia said in a filing to the BSE.
During the first quarter ended June 30, 2013, Britannia Industries reported nearly two-fold rise in consolidated net profit at Rs 89.58 crore due to improvement in product mix and higher price realisation.
The consolidated net profit was at Rs 46.50 crore for the same period of previous fiscal.
Company's consolidated income increased to Rs 1,539.62 crore in the April-June quarter, from Rs 1,348.15 crore during the same period last year.
Shares of Britannia Industries were trading at Rs 835.10 apiece, up 1.40 per cent on the BSE in the afternoon trade.