LIC Raises Stake in Steel Authority to 8.6 Per Cent

Life Insurance Corporation of India (LIC) has raised its stake in state-owned steel production firm SAIL by about 2 per cent through an open market acquisition.

LIC bought 8.26 crore shares or 2.001 per cent of equity capital at an average price of Rs 66.18 per unit, the insurer said in a regulatory filing. The insurer bought the additional shares between October 14, 2022 and June 8, 2023 for about Rs 547 crore.

Following this, LIC's holding in Steel Authority of India Limited (SAIL) increased to 8.68 per cent, it said. Prior to the acquisition, it held 6.68 per cent stake in the Maharatna firm.