Life Insurance Corporation of India (LIC) disclosed that it increased its stake in Tech Mahindra to 6.874% from 4.863% earlier.
LIC bought 1,95,81,049 shares, or 2.011% equity, at an average cost of Rs 1,042.24 via open market purchase during the period from 30 November 2021 to 21 November 2022.
Tech Mahindra is focused on leveraging next-generation technologies including 5G, blockchain, cybersecurity, artificial intelligence, and more, to enable end-to-end digital transformation for global customers.
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 0.41% at Rs 623.15 while Tech Mahindra shed 0.15% to Rs 1,049.50 on the BSE.
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