LIC increases stake in M&M Financial Services, acquires 12 lakh shares

The Life Insurance Corporation of India (LIC) has increased its stake in Mahindra and Mahindra Financial Services Ltd by acquiring 12 lakh shares in the company.

The insurer acquired 12 lakh shares, representing 0.097 per cent stake, of Mahindra Finance through open market transactions, LIC said on Wednesday.

LIC already held 4.914 per cent stake in the company, and its stake in Mahindra Finance has increased to 5.011 per cent with this acquisition.

Mahindra Finance, a non-banking financial company, is the financial services arm of the Mahindra Group.

The government plans to bring in the initial public offering (IPO) of LIC in this fiscal year. Finance Minister Nirmala Sitharaman had announced  LIC's listing in her Budget speech. The government got the amendments in the LIC Act passed through Finance Bill 2021 in Parliament for the listing.

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