Stocks in focus: LIC trims stake in Mahanagar Gas Limited by over 2%. Details here

  • India's largest insurer, LIC, has reduced its stake in Mahanagar Gas Ltd. The company sold over 2 million shares, decreasing its ownership from 9.03% to 6.939%.

Shivangini
Published30 Sep 2024, 09:03 AM IST
LIC reduces stake in Mahanagar Gas by 2.091%, stakeholding declines from 9.03% to 6.939% equity
LIC reduces stake in Mahanagar Gas by 2.091%, stakeholding declines from 9.03% to 6.939% equity

India's largest insurer, Life Insurance Corporation of India (LIC), announced a reduction in its shareholding in Mahanagar Gas Ltd. This information was disclosed in a formal communication to the stock exchanges on Friday, September 27.

According to the disclosure, LIC decreased its equity stake in Mahanagar Gas from 89,19,236 shares to 68,54,264 shares. This reduction translates to a decrease from 9.030 per cent to 6.939 per cent of the paid-up capital of Mahanagar Gas Ltd.

Also Read | Mahanagar Telephone Nigam Q1 Results Live: Loss Falls by 9.13% YOY

The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Also Read | Latest Market News Today Live Updates September 30, 2024: Investors under 30 years dominate Indian stock market, participation from 60 plus age group dips: NSE

Anshul Kumar Singh, Company Secretary & Compliance Officer for LIC, stated, “Pursuant to Regulation 30 of the Listing Regulations, this is to inform that the Life Insurance Corporation of India ('the Corporation') has decreased its shareholding in equity shares of Mahanagar Gas Ltd. ('Company') from 89,19,236 to 68,54,264 i.e., 9.030 per cent to 6.939 per cent of the paid-up capital of the said Company.”

This move by LIC, one of India's largest institutional investors, could potentially impact the market dynamics of Mahanagar Gas Ltd.

Mahanagar Gas share price history

Mahanagar Gas share price has climbed over 85 per cent on a year-to-date (YTD) basis. In a month, Mahanagar Gas stock price has risen over 7 per cent. 

Mahanagar Gas share price was trading in the red on Monday, September 30, down 1.42 per cent at 1919.75 apiece as per BSE.

Also Read | PM Kisan Yojana Scheme 18th installment on THIS date | All you need to know

 

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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First Published:30 Sep 2024, 09:03 AM IST
Business NewsMarketsStock MarketsStocks in focus: LIC trims stake in Mahanagar Gas Limited by over 2%. Details here

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