 "Life Insurance Corporation increases stake in SAIL by 2.001% to 8.687%")
Life Insurance Corporation (LIC) of India on Friday increased its stake in the Steel Authority of India (SAIL) by 2.001 per cent to 8.687 per cent from 6.686 per cent earlier. According to a regulatory filing, LIC now owns 358.8 million shares of the steel major.
"Pursuant to Regulation 30 of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that corporation's shareholding in Steel Authority of India has increased from 27,61,48,137 to 35,88,07,919 Equity Shares increasing its shareholding from 6.686 per cent to 8.687 per cent of the paid-up capital of the said company," the life insurance major said in the filing.
Earlier this week, LIC had raised its stake in IT firm Tech Mahindra Ltd by about two per cent through open market acquisition.
LIC bought 19 million shares or 2.01 per cent of equity capital at an average price of Rs 1,050.77 per unit, the insurer said in a regulatory filing.
The insurer bought the additional shares between November 21, 2022, and June 6, 2023, for about Rs 2,000 crore. Before the acquisition, LIC held a 6.86 per cent stake in Tech Mahindra Ltd.
Shares of LIC, on Friday, fell marginally at Rs 601.9 on BSE.