LIC hikes stake in Gail India to 9.98%

LIC hikes stake in Gail India to 9.98%
PTI
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First Published: Tue, Feb 24 2009. 04 25 PM IST
Updated: Tue, Feb 24 2009. 04 25 PM IST
Mumbai: Life Insurance Corporation of India has hiked its stake to 9.98% in state-run Gail through open-market transaction as well as bonus allotment.
In a disclosure on the Bombay Stock Exchange, Gail India said LIC has purchased over 5.92 crore shares representing two% stake in the company between 21 March, 2007, and 13 February this year.
LIC bought 7.38 crore shares worth Rs1,132.97 crore and sold 1.46 crore shares for Rs546.77 crore, resulting in a net acquisition of 5.92 crore shares (2%), the filing added.
Out of the 5.92 crore shares, over 3.88 crore were bonus shares, Gail added.
Prior to the transactions, LIC held 7.98% stake, which has increased to 9.98% representing over 12.66 crore shares in Gail India.
Shares of Gail India were trading at Rs196.65, down 1.75% on the BSE.
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First Published: Tue, Feb 24 2009. 04 25 PM IST