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LIC Raises Stake In SAIL By 2% With Rs 547 Cr Open Market Acquisition
Through an open market acquisition, LIC has acquired 8.26 crore shares, representing approximately 2.001 per cent of SAIL's equity capital
Photo Credit : Reuters
In a strategic move, Life Insurance Corporation of India (LIC) has announced a significant increase in its stake in Steel Authority of India Limited (SAIL), a state-owned steel production firm. Through an open market acquisition, LIC has acquired 8.26 crore shares, representing approximately 2.001 per cent of SAIL's equity capital.
The insurance giant made the purchase at an average price of Rs 66.18 per unit, amounting to a total investment of about Rs 547 crore.
LIC disclosed this development in a regulatory filing, stating that the additional shares were bought between 14 October 2022, and 8 June 2023. With this latest acquisition, LIC's overall holding in SAIL has increased to 8.68 per cent, up from the previous 6.68 per cent stake the company held in the Maharatna firm.
This move by LIC indicates its confidence in the prospects of SAIL, one of India's leading steel producers. By increasing its stake, LIC has demonstrated its belief in the long-term growth potential of the steel industry and its commitment to capitalising on the opportunities presented by SAIL's performance.