LIC buys ~2% additional stake in BPCL over the existing 7.03%

28 Sep 2022 , 07:18 AM

Since December of last year, LIC has paid over Rs1,598 crore for over a 2% share in the state-owned refiner Bharat Petroleum Corporation Ltd (BPCL).

The state-owned life insurance behemoth reported its ownership of BPCL in a regulatory filing on Tuesday, boosting its stake from 15,25,08,269 to 19,61,15,164 equity shares, or 7.03% to 9.04% of the company’s paid-up capital.

Listed firms are required by Sebi regulation to declare shareholdings greater than 2%.

With a market value of Rs67,301 crore, BPCL engages in the sale of petroleum products as well as the refining of crude oil.

The holding has increased by more than 2% between December 28, 2021, and September 26, 2022, according to LIC.

The shares were bought on the open market in the normal course of business for an average price of Rs336.43 per share.

Shares of LIC closed 0.28% lower at Rs629.05 per share on the BSE, whereas BPCL’s stock price ended 1.85% higher at Rs310.65 per share.

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