LIC ups stake in Colgate Palmolive India to over 7%
LIC has increased its stake in Colgate Palmolive India from 5.016% to 7.037% by buying an additional 54,97,334 shares in the company
New Delhi: Life Insurance Corporation (LIC) of India has acquired 2.021% stake in fast moving consumer goods (FMCG) firm Colgate Palmolive India through open market purchase, taking the total holding in the company to 7.037%.
The insurance behemoth earlier had 5.016% stake in Colgate Palmolive India, the FMCG company said in a regulatory filing.
LIC has acquired additional 54,97,334 shares in the company and now has 1,91,40,291 shares. It earlier had 1,36,42,957 shares in Colgate Palmolive India.
On Wednesday, Colgate Palmolive India shares closed 1.94% down at Rs1,042.75 apiece on BSE while the benchmark Sensex rose 1.17%, or 387.14 points, to end the day at 33,600.27.