LIC buys additional Tech Mahindra shares, raises stake to 8.88% in IT major. Key details

Life Insurance Corporation of India (LIC) on Wednesday informed stock exchanges that it has increased its stake in Tech Mahindra to 8.88 per cent. This is 81 basis points higher than 8.07 per cent stake that it held in the IT major as on March 31, as per the quarterly shareholding data.

LIC said its stake in Tech Mahindra has increased by 2.015 percentage points via open market purchases between November 11, 2022, and June 6, 2023.

Tech Mahindra holding, it said, increased from 6.869 per cent to 8.884 per cent, an increase of 2.015 per cent since November. LIC bought Tech Mahindra shares  at an average cost of Rs 1,050.77 apiece.

Tech Mahindra shares settled at Rs 1,095.65 on Wednesday, 4.27 per cent higher than LIC's average price.

Earlier on May 25, LIC said the life insurer increased its holding in two stocks namely Tata Power and Bata India.  In Tata Power, LIC upped its holding to 25,35,37,551 shares or 7.935 per cent of the paid-up capital from 24,01,67,154 shares or 7.52 per cent stake at the end of March quarter. In April 2019, LIC held 18,90,70,215 shares or 5.917 per cent stake in Tata Power, the insurer told exchanges.

Besides, LIC said its shareholding in Bata India increased to 83,95,740 shares or 6.532 per cent stake from 64,36,692  shares or 5.01 per cent stake as on March 31.  LIC held 57,80,329 shares or 4.497 per cent stake in Bata India as on March 15, 2023.

LIC said it upped stake in Tata Power Ltd by 2.08 percentage points between April 2019 and May 2023. The average cost of shares acquired stood at Rs 234.02. For Bata India, the average cost of shares bought stood at Rs 1,433.54 between March 15 and May 24.

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