New Delhi: State-owned Life Insurance Corporation (LIC) in a regulatory filing on Tuesday said that it has diluted its shareholding in TIL Limited from 10,22,985 to 8,10,038 equity shares, decreasing its shareholding from 10.19 percent to 8.07 percent of the paid-up capital of the company.
TIL's market capitalisation is Rs 153.81 crores, the filing said. There is a decrease of two percent in holding from December 31, 2021 to March 13 at an average cost of Rs 157.48. The shares were sold via open market. As per the filing, the corporation decreased its shareholding for investment purposes and was done in the ordinary course of action. The acquisition does not require any government or regulatory clearances.
The acquisition would not be a related party transaction, according to the filing, because the promoter/promoter group/group firms have no stake in the entity being acquired, the filing added.
The corporation also shared a brief profile of TIL Limited and said, "TIL Limited is engaged in manufacturing and marketing of comprehensive range of material handling, lifting, port and road has presence and any other significant construction solutions."
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