scorecardresearchLIC offloads 2% stake in Mahindra & Mahindra for ₹2,222.49 crore

LIC offloads 2% stake in Mahindra & Mahindra for 2,222.49 crore

Updated: 11 Aug 2022, 07:39 AM IST
TL;DR.

After the sale, the LIC holding in the passenger cars and utility vehicles company decreased from 8.430 per cent to 6.421 per cent, it said.

FILE PHOTO: A security guard walks past logos of Life Insurance Corporation of India (LIC) and Bombay Stock Exchange (BSE) inside the BSE building in Mumbai, India, May 17, 2022. REUTERS/Niharika Kulkarni

FILE PHOTO: A security guard walks past logos of Life Insurance Corporation of India (LIC) and Bombay Stock Exchange (BSE) inside the BSE building in Mumbai, India, May 17, 2022. REUTERS/Niharika Kulkarni

(PTI) Life Insurance Corporation (LIC) on Wednesday said it has sold 2 per cent of its shareholding in automaker Mahindra & Mahindra for about 2,222.49 crore.

The shares were sold through open market transactions during the period from December 21, 2020, to August 8, 2022, according to a regulatory filing.

After the sale, the LIC holding in the passenger cars and utility vehicles company decreased from 8.430 per cent to 6.421 per cent, it said.

The average cost of 2,49,73,233 shares sold, it said, was 889.95 crore.

Under Sebi norms, listed companies are required to intimate the stock exchanges when their shareholding in an entity changes by 2 per cent or more.

On the BSE, shares of LIC rose 0.39 per cent to close at 682.65 apiece while that of Mahindra and Mahindra fell 0.46 per cent to 1,269 apiece. 

First Published: 11 Aug 2022, 07:39 AM IST