Life Insurance Corporation of India (LIC) offloaded 8,32,84,667 equity shares or 2.02% stake of Steel Authority of India (SAIL) from 23 April 2019 to 18 June 2021.
Post transaction, LIC has decreased its stake in SAIL to 8.69% from 10.71% held earlier. The deal was executed as a market sale.
SAIL's consolidated net profit jumped 31.1% to Rs 3,469.88 crore on 44% surge in net sales to Rs 23,284.89 crore in Q4 March 2021 over Q4 March 2020.
SAIL is one of the largest steel-making companies in India and one of the Maharatna's of the country's Central Public Sector Enterprises. It produces iron and steel at five integrated plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. SAIL manufactures and sells a broad range of steel products. As of 31 March 2021, the Government of India held 65.07% stake in the company.
Shares of SAIL rose 0.55% to Rs 127.60 on BSE. The stock hovered in the range of Rs 126.60 to Rs 131.15 so far.
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