Indian Life Insurance Corporation (LIC) has increased its stake in domestic equipment and consumer electronics major Voltas (Voltas share). LIC has informed the exchanges on Monday that it has increased its stake in Voltas to 8.884%. Before this, LIC’s stake in the company was about 6.862 percent.
What did the company say?
According to the regulatory filing, the shareholding in Voltas increased by 2.02% to 2,93,95,224 equity shares from the previous 2,27,04,306 equity shares. LIC said that during the period from August 10 to November 4, 2022, the stake in Voltas increased by 2%. This payment was made as an open market purchase in Voltas at an average cost of ₹ 948.31 per share.
Voltas and LIC’s share prices
On November 4, Voltas shares were around ₹844.85. While on 7th November on BSE, the share fell 1.24% to ₹834.40. Voltas’ market cap is approximately ₹27,609 crore.
Meanwhile, LIC shares closed at ₹633.30 on BSE with a gain of 0.84%. LIC, which is the biggest life insurance company in India, has a market capitalization of ₹4 lakh crore.