LIC cuts stake in M&M to 6.42% from 8.43%, garners Rs 2,222 crore

Life Insurance Corporation (LIC) on Wednesday said it has sold 2 per cent of its shareholding in automaker Mahindra & Mahindra for about Rs 2,222.49 crore.

The shares were sold through open market transactions during the period from December 21, 2020, to August 8, 2022, according to a regulatory filing.

After the sale, the LIC holding in the passenger cars and utility vehicles company decreased from 8.430 per cent to 6.421 per cent, it said.

The average cost of 2,49,73,233 shares sold, it said, was Rs 889.95 crore.

Under Sebi norms, listed companies are required to intimate the stock exchanges when their shareholding in an entity changes by 2 per cent or more.

On the BSE, shares of LIC rose 0.39 per cent to close at Rs 682.65 apiece while that of Mahindra and Mahindra fell 0.46 per cent to Rs 1,269 apiece.