scorecardresearchLIC buys over 2% stake in BPCL for nearly ₹1,598 crore

LIC buys over 2% stake in BPCL for nearly 1,598 crore

Updated: 28 Sep 2022, 08:18 AM IST
TL;DR.

The state-owned life insurance behemoth LIC in a regulatory filing on Tuesday said its shareholding in BPCL has increased from 15,25,08,269 to 19,61,15,164 equity shares, increasing its shareholding from 7.03 per cent to 9.04 per cent of the paid-up capital of the company.

LIC's IPO launch will be the largest public offering in the history of Indian financial markets. Photo: Reuters

LIC's IPO launch will be the largest public offering in the history of Indian financial markets. Photo: Reuters

(PTI) LIC has acquired over a 2 per cent stake in state-owned refiner Bharat Petroleum Corporation Ltd (BPCL) for nearly 1,598 crore since December last year.

The state-owned life insurance behemoth in a regulatory filing on Tuesday said its shareholding in BPCL has increased from 15,25,08,269 to 19,61,15,164 equity shares, increasing its shareholding from 7.03 per cent to 9.04 per cent of the paid-up capital of the company.

As per Sebi's regulatory norm, listed companies have to disclose shareholding in excess of 2 per cent.

BPCL has a market capitalisation of 67,301 crore, which is in the refining of crude oil and marketing of petroleum products.

"There is an increase of more than 2 per cent in the holding during the period from December 28, 2021, to September 26, 2022," LIC said.

The shares were purchased in the ordinary course of the transaction through the open market at an average cost of 336.43 per share.

Shares of LIC closed 0.28 per cent down at 629.05 apiece on BSE and BPCL scrip ended at 310.65 apiece, up by 1.85 per cent. 

First Published: 28 Sep 2022, 08:18 AM IST