BackLIC's raises its stake in Info Edge crosses 5% mark through an open market deal
The Indian state-owned insurance group and investment company, Life Insurance Corporation (LIC) has announced today that its shareholding in Info Edge (India) Ltd has increased from 64,43,921 to 64,69,921 equity shares increasing its shareholding from 4.988% to 5.008%
PremiumThe Indian state-owned insurance group and investment company, Life Insurance Corporation (LIC) has announced today that its shareholding in Info Edge (India) Ltd has increased from 64,43,921 to 64,69,921 equity shares increasing its shareholding from 4.988% to 5.008% of the paid-up capital of the said company. LIC said through open market purchase, its holding in Info Edge crossed 5% on 21.12.2022 and the acquisition of shares was done at an average cost of ₹4790.76.
With an additional investment of more than ₹12 crore, LIC claimed that its shareholding in Info Edge has risen to 5%. For ₹12.45 crore, an additional 26,000 shares of Info Edge were acquired. Info Edge is India's premier online classified company with a business portfolio of brands like naukri.com, 99acres.com, jeevansathi.com as well as shiksha.com.
Last week, LIC announced that it has raised its stake in the Indian Railway Catering and Tourism Corporation (IRCTC). The insurance company has increased its shareholding in IRCTC from its previous 5.005 per cent to 7.278 per cent, according to a stock exchange filing. After buying 1,81,80,323 IRCTC shares to its holdings, bringing the total to 5,82,22,948 IRCTC shares, LIC increased its stake in IRCTC and the acquisition was made at an average price of ₹692.28. LIC acquired these additional IRCTC shares on the open market from October 17 to December 16, 2022.
The shares of Life Insurance Corporation of India (LIC) closed today at ₹682.60 apiece, down by 2.72% from the previous close of ₹701.65. The stock touched an intraday high of ₹713.65 and an intraday low of ₹680.00 apiece level on the NSE. The stock recorded a total volume of 4,221,417 shares compared to the 20-Day average volume of 3,000,549 shares. In the last 1 year the stock has fallen 21.72% and on a YTD basis, it has fallen 22.01% so far in 2022. The stock had touched a 52-week-high of ₹918.95 on (17-May-2022) and a 52-week-low of ₹588.00 on (21-October-2022), indicating that at the current market price the shares of LIC are trading 25.71% below the 1 year high and 16.08% above the 1 year low. For the quarter ended September or Q2FY23, LIC recorded a promoter shareholding of 96.50% and a public shareholding of 3.50%.
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