LIC Raises Stake in Tech Mahindra to 8.88%

LIC faces Rs 290 Crore GST bill from Bihar tax department

In a series of open market transactions spanning over six months, Life Insurance Corporation of India (LIC), the leading insurance company, has significantly raised its stake in Tech Mahindra, an IT services provider.

LIC revealed in its filing to exchanges that its shareholding in Tech Mahindra has surged from 6.69 crore to 8.65 crore equity shares, resulting in an elevated stake from 6.869 percent to 8.884 percent. This increase of 2.01 percent occurred between November 21, 2022, and June 6, 2023. The average acquisition price for these shares was Rs 1,050.77 per share.

As of March 2023, LIC already held an 8.07 percent stake, equivalent to 7.86 crore equity shares, in Tech Mahindra.

On the BSE, Tech Mahindra’s stock price closed at Rs 1,095.65, marking a 0.9 percent increase. However, the stock has experienced a decline of nearly 8 percent in the current calendar year.

About LIC:

Life Insurance Corporation of India (LIC) is an Indian government-owned life insurance company that is based in Mumbai. It holds the distinction of being the largest insurance company in India and is also the country’s largest institutional investor. As of May 2022, LIC manages a substantial portfolio of assets worth ₹41 trillion.

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