Life Insurance coverage Company of India (LIC) has raised its stake in state-owned metal manufacturing agency SAIL by about 2 per cent by way of an open market acquisition. LIC purchased 8.26 crore shares or 2.001 per cent of fairness capital at a mean worth of Rs 66.18 per unit, the insurer stated in a regulatory submitting.
The insurer purchased the extra shares between October 14, 2022 and June 8, 2023 for about Rs 547 crore.
Following this, LIC’s holding in Metal Authority of India Restricted (SAIL) elevated to eight.68 per cent, it stated. Previous to the acquisition, it held 6.68 per cent stake within the Maharatna agency.
