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Hot Pursuit
10-Jun-23
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LIC raises stake in SAIL
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Life Insurance Corporation of India (LIC) informed that it increased its stake in Steel Authority of India (SAIL) to 8.687% from 6.686% earlier.
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LIC bought 8,26,59,782 shares, or 2.001% equity, at an average cost of Rs 66.18 via open market purchase during the period from 14 October 2021 to 8 June 2023.
SAIL is one of the largest steel-making companies in India and one of the Maharatnas of the country's Central Public Sector Enterprises. As of 31 March 2023, the Government of India owned about 65% of SAIL's equity and retains voting control of the company.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.
Shares of LIC shed 0.32% at Rs 601.75 while SAIL declined 1.38% to Rs 82.90 on Friday, 9 June 2023.
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