Home / Companies / News /  LIC buys over 2% stake in state-owned BPCL

Insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday acquired over 2 per cent stake in state-owned refiner Bharat Petroleum Corporation Ltd (BPCL) since last December.

LIC has increased its shareholding in BPCL from 15,25,08,269 to 19,61,15,164 equity shares, resulting in increasing its shareholding from 7.030 per cent to 9,.047 per cent, it said in its regulatory filing.

Bharat Petroleum Corporation has a market capitalisation of 67,301 crore, which is engaged in the refining of crude oil and marketing of petroleum products.

"There is an increase of more than 2 per cent in the holding during the period from December 28, 2021, to September 26, 2022," LIC said in the filing. The shares were bought through the open market at an average cost of 336.43 per share.

As per norms of the market regulator, Sebi, listed companies have to disclose shareholding in excess of 2 per cent.

The shares of LIC closed at 629.05 apiece on BSE, 0.28 per cent down while the BPCL scrip ended at 310.65 apiece, up 1.85 per cent.

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