LIC raises stake in SAIL to 8.6%

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.

Insurer bought the addl shares between Oct 14, 2022 & June 8 for about Rs 547 cr

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.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)