LIC raises stake in CGCL

14 Jun 2022 , 11:27 AM

LIC bought 35,41,652 shares, or 2.016% equity, at an average cost of Rs 624.61 via open market purchase during the period from 21 February 2022 to 10 June 2022. CGCL is a diversified non-banking financial company (NBFC) with a presence primarily across two key verticals – MSME loans and home loans. Its focus on MSMEs, the growth drivers of the economy, cuts across restaurants, small manufacturing units, traders, private schools, and goes beyond. LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country. Shares of LIC debuted on the bourses on 17 May 2022. The scrip was listed at Rs 867.20, representing an 8.62% discount to the issue price of Rs 949. LIC was up 0.99% at Rs 674.80 while CGCL rose 0.63% to Rs 698.70 on the BSE. Powered by Capital Market – Live News