Life Insurance Corporation of India (LIC) disclosed that it decreased its stake in Bharat Bijlee from 6.695% to 4.540%.
LIC sold 1,21,799 shares, or 2.155% equity, at an average cost of Rs 1,693.96 via open market sale during the period from 19 November 2019 to 25 November 2022.
Bharat Bijlee is an electrical engineering company in India engaged in manufacturing of transformers, electric motors, elevator systems, drives and automation.
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.
Shares of LIC were down 0.16% at Rs 636 while Bharat Bijlee advanced 3.35% to Rs 2,457.10 on the BSE.
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