Life Insurance Corporation of India (LIC) has hiked its stake in private telecom services provider Bharti Airtel to 5 per cent after acquiring shares worth Rs 13.17 crore.
LIC has purchased 5 lakh shares, representing a 0.013 per cent stake in Bharti Airtel, for Rs 13.17 crore through an open market transaction, the telecom services provider said in a regulatory filing to the Bombay Stock Exchange (BSE).
The state-owned life insurer acquired the shares on June 30.
Prior to the acquisition, LIC held a 4.998 per cent stake in the company, while now it holds 5.011 per cent in Bharti Airtel.
As per the March quarter shareholding pattern available on the BSE, LIC held a 4.76 per cent stake in Bharti Airtel.
Shares of Bharti Airtel were trading at Rs 270 on the BSE today, up 1.12 per cent from the previous close.
