Life Insurance Corporation of India (LIC) has hiked its stake in Gail India to 10.10 per cent after purchasing over 13.40 lakh shares through the open market.
In a filing to the Bombay Stock Exchange, Gail India said LIC has purchased over 13.40 lakh shares representing 0.10 per cent stake.
Calculated on the basis of February 2 closing price, the transaction is expected to cost over Rs 26.83 crore to LIC.
Prior to the aforesaid purchase LIC held 9.99 per cent stake, while now it holds over 12.81 crore shares representing 10.10 per cent stake in Gail India.
Shares of Gail India settled at Rs 200.55, up 1.67 per cent on the BSE.