Life Insurance Corporation of India (LIC) disclosed that it decreased its stake in Century Enka from 5.494% to 3.452% earlier.
LIC sold 4,46,125 shares, or more than 2% equity, at an average cost of Rs 333.90 via open market sale during the period from 22 November 2019 to 7 September 2022.Century Enka (CEL) is into manufacturing of industrial yarn, textile yarn & fabric such as nylon filament yarn & nylon tyre cord fabric.
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 0.57% at Rs 657.40 while Century Enka rose 2.40% to Rs 474.40 on the BSE.
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