The Life Insurance Corporation of India (LIC) has acquired 700,000 shares of Telco and 1.5 million shares of Larsen & Toubro (L&T) from the custodian appointed by a special court that heard the 1992 stock scam cases, for Rs 39.85 crore.
LIC picked up the L&T stock for Rs 175 a share and Telco at Rs 155. These deals were passed by the special court order recently.
LIC chairman S B Mathur confirmed that the corporation has acquired Telco shares from the custodian at less than the market price. The corporation had last week picked up over 2.3 million shares of Reliance Industries. Telco officials refused to comment on the deal.
The shares are part of the portfolio owned by the late Harshad Mehta, which was attached following the 1992 securities scam and has since been put up for auction. LIC has been aggressively picking up the Big Bull