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Insurance
07-Nov-22
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LIC buys additional shares of Voltas through open market for Rs 635 crore
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Life Insurance Corporation of India (LIC) has increased its shareholding in Voltas by buying an additional 2 per cent stake.
LIC said it acquired shares of Voltas worth Rs 634.50 crore through open market transactions during the period August 10 to November 4, 2022.
According to a regulatory filing on Monday, the state-owned life insurer increased its stake in Voltas from 2,27,04,306 shares (equivalent to 6.862 per cent) to 2,93,95,224 (8.884 per cent).
Voltas is engaged in the business of air conditioning, refrigeration, electro-mechanical projects as an EPC (Engineering, Procurement and Construction) contractor in the domestic and international markets.
LIC shares rose 0.84 per cent to Rs 633.30 on BSE, while Voltas scrip ended 1.24 per cent lower at Rs 834.40 each.
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