LIC ups stake in Tata Steel to 14.02%

LIC ups stake in Tata Steel to 14.02%

Mumbai: The country’s largest insurance firm Life Insurance Corporation (LIC) has hiked its holding in Tata Steel to 14.02% by buying additional 5.16 lakh shares through open market transactions.

In a regulatory filing to the Bombay Stock Exchange (BSE), Tata Steel said LIC of India bought 5,16,736 shares, representing 0.05%, in the company on 24 August.

After the latest buy, state-run LIC now holds a 14.02% stake in the steel major.

Based on the closing share price of Tata Steel on 24 August at Rs513.75 on the National Stock Exchange (NSE), the deal value comes at around Rs26.54 crore. The filing did not mentioned about deal value.

Shares of Tata Steel were trading 2.79% higher at Rs515.85 on the NSE. Broader market was weak in afternoon trade and the BSE benchmark Sensex was trading down by 81.31 points at 18,145.04.