New Delhi: Shareholding by Life Insurance Corporation (LIC) in Tata Motors Ltd has crossed 5 percent as the insurer stepped up shareholding over the past ten months, investing Rs 11.39 crore in the auto company. LIC said that its shareholding in Tata Motors Ltd has increased from 16,59,48,741 to 16,61,98,741 equity shares. This means that LIC's shareholding increased from 4.997 percent to 5.004 percent of the paid-up capital of the company, the insurer said in a regulatory filing on Tuesday.
"Holding in the company has crossed 5 percent on October 31, 2022," LIC said. The acquisition of shares was done during the period from December 3, 2021 to October 31 at an average cost of Rs 455.69. As per regulatory norms, listed companies are required to inform stock exchanges when their shareholding in a company crosses 5 percent.
Tata Motors has a market capitalisation of Rs 1.38 lakh crore.
After the development, the stock of LIC closed at Rs 605.30 apiece on BSE, which was up by 0.22 percent from the previous close. Tata Motors' scrip ended at Rs 421.50, which was up by 2.16 percent.
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