BackLIC raises stake in SAIL by 2%
With the increase in stake from 6.68% to 8.68%, the value of LIC’s holding in SAIL is estimated at Rs. 2,974.5 crore
PremiumState-run insurer Life Insurance Corp of India (LIC) has hiked its stake by 2% in Steel Authority of India Ltd (SAIL) between October, 2021 and March 2023, according to an exchange filing.
With the increase in stake from 6.68% to 8.68%, the value of LIC’s holding in SAIL is estimated at Rs. 2,974.5 crore as per Friday’s closing price of the state-run steelmaker.
On Friday, LIC said it has bought 82.6 million shares worth ₹547 crore in SAIL between 14 October, 2021 and 08 June, 2023 at an average price of ₹66.18 apiece.
Earlier this week, LIC raised its stake in IT bluechip Tech Mahindra Ltd to 8.88% from 6.87% since November. LIC said in a filing that it bought 19.6 million shares worth ₹2,063 crore in Tech Mahindra between 21 November and 6 June at an average price of Rs1,050.77 apiece.
On 8 May, Mint reported that LIC and Indian asset management companies (AMCs) bought shares worth an estimated $2 billion in technology companies during the March quarter alone, according to a Mint analysis.
An analysis showed that during the March quarter, apart from Infosys, the state-run insurer invested the most in Tech Mahindra, Wipro, Mphasis Ltd, HCL Technologies, TCS, Coforge, L&T Mindtree, Bharti Airtel and in L&T Technology.
Shares of SAIL ended 1.37% lower at ₹82.90 apiece on the NSE.
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