New Delhi, Feb. 25 -- When discussing Life Insurance Corporation of India (LIC) and penny stocks, it's a classic case of 'big money' playing a very different game than the average retail investor.

While LIC is famous for its blue-chip holdings, it actually maintains a long tail of low-priced stocks. However, low-priced stocks are sometimes not active buys but holdings that have eroded over years.

Here are three penny stocks that LIC holds. We have considered stocks priced under Rs.20, irrespective of their face value.

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