LIC reduces shareholding in Shipping Corporation of India by 2.04 percent

New Delhi: Life Insurance Corporation (LIC) of India has reduced its shareholding in Shipping Corporation of India (SCI) by 2.04 percent, the company told the stock exchanges in a regulatory filing on Wednesday. "... this is to inform that Corporation’s shareholding in "SHIPPING CORPORATION OF INDIA LTD” has diluted from 2,80,98,197 to 1,85,92,050 Equity Shares, decreasing its shareholding from 6.032 percent to 3.991 percent of the paid-up capital of the said Company," LIC told the stock exchanges.

The market capitalisation of Shipping Corporation of India is Rs 6,875.19 crore. SCI is engaged in the business of transporting goods and passengers.

LIC diluted stake in Shipping Corporation via open market sale

The state-run life insurance company said that its holding decreased from 6.032 percent to 3.991percent, a decrease of 2.041 percent, during the period from March 9, 2022 to October 10, 2023 in Shipping Corporation as it diluted its stake via open market sale at an average cost of Rs 132.79.

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