LIC reduces shareholding in Hindustan Copper by 2.07 percent

New Delhi: Life Insurance Corporation (LIC) of India has reduced its shareholding in Hindustan Copper Limited (HCL) by 2.07 percent, the company told the stock exchanges in a regulatory filing on Thursday. "... this is to inform that Corporation’s shareholding in "HINDUSTAN COPPER LTD.” has diluted from 9,91,10,743 to 7,90,11485 Equity Shares, decreasing its shareholding from 10.249 percent to 8.171 percent of the paid-up capital of the said Company," LIC told the stock exchanges.

The market capitalisation of Hindustan Copper Limited is Rs 15,457.88 crore. The company is the first Indian PSU and only vertically integrated copper-producing company. HCL is engaged in various processes right from copper mining to the final stage of converting copper into saleable products.

LIC diluted stake in Hindustan Copper via open market sale

The state-run life insurance company said that its holding decreased from 10.24 percent to 8.171 percent in HCL as it diluted its stake via open market sale at an average cost of Rs 150.84.

LIC shares rose 3.35 percent on Thursday to close at Rs 648.40 apiece, up from the previous close value of Rs 645.15.

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