LIC increases holding in NBFC, stake goes up to 7%
LIC news: The life insurer said its its holding increased from 5.043% to 7.059% in Capri Global Capital
Life Insurance Company of India or LIC has disclosed that it has increased its stake in Capri Global Capital Limited to more than 7% from 5.043% earlier through open market transactions. Shares of NBFC company Capri Global Capital Limited were up 0.63% at ₹698, giving it a market cap of around ₹12,275 crore.
In a communication to stock exchanges, LIC said its holding increased from 5.043% to 7.059% during the period from 21.02.2022 to 10.06.2022. The insurer increased its holding in Capri Global during the period, from 88,58,348 shares to 1,24,00,000 equity shares, at an average price of ₹624.6.
Shares of Life Insurance Corporation of India or LIC were higher at ₹675.95 today. LIC shares have been under pressure, logging in 10th straight losses prior to today's session.
LIC got listed on the bourses on May 17. The government had fixed the issue price of LIC shares at ₹949 apiece after a successful Initial Public Offering (IPO) which was over-subscribed nearly 3 times.
The mandatory lock-in period for anchor investors ended Friday. The rout in LIC shares has worried India’s government, with officials saying the company’s management will “look into all these aspects and will raise shareholders’ value."
"We are very concerned about the temporary blip in LIC share price. People will take time to understand (fundamentals of) LIC. LIC management will look into all these aspects and will raise the shareholders' value," DIPAM secretary Tuhin Kanta Pandey said recently.
Last month insurance behemoth LIC had announced its quarterly earnings. The insurer had posted a 17% decline in consolidated net profit to ₹2,409 crore for the fourth quarter ended March 2022. The insurer had earned a profit of ₹2,917 crore in the same quarter a year ago.
This is the first-ever quarterly result of LIC after being listed on bourses.
The total income of the insurer during the March quarter increased to ₹2,12,230.41 crore, from ₹1,90,098 crore in the same period of the previous fiscal, LIC said in a regulatory filing.
For the entire financial year 2021-22, LIC reported a 38% rise in profit at ₹4,124.70 crore, from ₹2,974.13 crore in the previous financial year. The board of LIC has recommended a dividend of ₹1.50 per equity share with a face value of ₹10 each for the year ended March 31, 2022.
(With Agency Inputs)
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