LIC Boosts Stake in IRCTC to 9.3%

13 Sep 2024 , 02:33 PM

On September 12, 2024, Life Insurance Corporation of India (LIC) announced an increase in its stake in Indian Railway Catering and Tourism Corporation (IRCTC) to 9.3%.

LIC’s shareholding in IRCTC has risen from 5,822,948 shares to 7,437,924 shares, translating to an increase from 7.278% to 9.298% of IRCTC’s paid-up capital.

This increase in stake was achieved through open market purchases between December 16, 2022, and September 11, 2024.

At the time of writing, shares of Life Insurance Corporation of India (LIC) are trading at ₹1037.50 which is a 0.57% gain than the previous close. Life Insurance Corporation of India (LIC) has witnessed a total of 57% gain in the last one year, and almost 20% gain since the beginning of the year. 

LIC is a major player in the Indian insurance sector and the largest institutional investor in India, with assets under management totaling ₹52.52 trillion (approximately US$630 billion) as of March 2024.

Headquartered in Mumbai, LIC is a state-owned multinational public sector life insurance company under the Government of India’s administrative control through the Ministry of Finance.

Established on September 1, 1956, LIC was formed through the nationalization of the insurance industry, merging over 245 insurance companies and provident societies.