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LIC has raised its stake in BPCL from 7.03% to 9.04% after buying additional 4,36,07,895 BPCL shares
PremiumThe Life Insurance Corporation (LIC) of India has raised its stake in state-owned oil manufacturer company Bharat Petroleum Corporation Limited (BPCL). The state-owned insurer has bought 4,36,07,895 BPCL shares, which is 2.01 per cent of total paid up capital of the oil PSU. Prior to buying 2.01 per cent stake in BPCL, LIC was holding 15,25,08,269 BPCL shares or 7.03 per cent stake in this Maharatna company. So, LIC has raised its stake in BPCL from 7.03 per cent to 9.04 per cent after buying an additional 4,36,07,895 BPCL stocks.
As per the latest stock market exchange filing by BPCL and LIC, the state-owned insurer has raised in the PSU oil manufacturer company. Both LIC and BPCL informed Indian exchanges on 27th September 2022 that LIC has bought additional shares of BPCL and now LIC's shareholding in BPCL has surged from 7.03 per cent to 9.04 per cent.
LIC informed about the development in its exchange filing citing, "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, this is to inform that Corporation's shareholding in "Bharat Petroleum Corporation Limited." has Increased from 5,25,08,269 to 19,61,16,164 Equity Shares Increasing its shareholding from 7.030% to 9.041% of the paid-up capital of the said Company."
However, this LIC-BPCL deal has failed to change the fate of both shares as both scrips are trading in red territory in stock market today. BPCL share price today opened downside and went on to hit intraday low of ₹307.10 on NSE, logging more than 1 per cent dip in the state-owned oil making company's stock. Likewise, LIC share price today had a gap down opening and it further dipped to an intraday low of ₹624.10 apiece on NSE, descending to the tune of 0.75 per cent on Wednesday session.
LIC shares hit a new low
After listing at discount in may 2022, LIC share price has been nosediving on a continuous basis. LIC shares today made a new low of ₹624.10 on NSE in the intraday session within few minutes of opening bell.
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