Latest News | LIC Raises Stake in SAIL to 8.6 Pc
Get latest articles and stories on Latest News at LatestLY. Life Insurance Corporation of India (LIC) has raised its stake in state-owned steel production firm SAIL by about 2 per cent through an open market acquisition.
New Delhi, Jun 9 (PTI) Life Insurance Corporation of India (LIC) has raised its stake in state-owned steel production firm SAIL by about 2 per cent through an open market acquisition.
LIC bought 8.26 crore shares or 2.001 per cent of equity capital at an average price of Rs 66.18 per unit, the insurer said in a regulatory filing.
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The insurer bought the additional shares between October 14, 2022 and June 8, 2023 for about Rs 547 crore.
Following this, LIC's holding in Steel Authority of India Limited (SAIL) increased to 8.68 per cent, it said.
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Prior to the acquisition, it held 6.68 per cent stake in the Maharatna firm.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)