LIC picks up 2% additional stake in SAIL

12 Jun 2023 , 10:04 AM

Life Insurance Corporation of India (LIC) has increased its stake in SAIL, a state-owned steel production firm. The insurer reportedly raised an additional 2% stake in SAIL via an open market acquisition. 

LIC purchased 8.26 crore shares or 2.001% equity share capital at an average price of Rs 66.18 per unit.

Between October 14, 2022, and June 8, 2023, the insurer has acquired additional shares worth Rs 547 crore in SAIL. 

Following this acquisition of a 2% stake, LIC now holds an 8.68% stake in Steel Authority of India Limited (SAIL).

Prior to this acquisition, LIC held about a 6.68% stake in the Maharatna PSU.

Further, recently, LIC has also increased its stake in IT service provider Tech Mahindra by about 2.015% between November 21, 2022, to June 6, 2023. LIC’s stake in Tech Mahindra following the additional acquisition has increased from 6.869% to 8.884%.

Following this development, LIC’s counter was trading 0.75% lower at Rs 597.45, against the previous close of Rs 601.95 on NSE.

For feedback and suggestions, write to us at [e-mail]