New Delhi: Life Insurance Corporation of India (LIC) has raised its stake in state-owned steel production firm SAIL by about two percent through an open market acquisition. LIC bought 8.26 crore shares or 2.001 percent of equity capital at an average price of Rs 66.18 per unit, the insurer said in a regulatory filing.
The insurer bought the additional shares between October 14, 2022 and June 8 for about Rs 547 crore. Following this, LIC's holding in Steel Authority of India Limited (SAIL) increased to 8.68 percent, it said. Prior to the acquisition, it held 6.68 percent stake in the Maharatna firm.
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