LIC adds Rs 1,983 cr in kitty by offloading shares in Siemens, Icra

LIC on Tuesday said it has offloaded its stake in heavy electrical equipment maker Siemens and rating firm Icra for over Rs 1,983 crore.

Corporation's shareholding in Siemens Ltd has diluted from 25,623,599 to 18,412,652 equity shares, decreasing its shareholding from 7.195 per cent to 5.170 per cent of the paid-up capital of the said company, Life Insurance Corporation (LIC) said in a regulatory filing.

LIC said its holding in Siemens decreased by over 2 per cent from October 14, 2020, to July 18, 2022, at an average cost of Rs 2,701.19 per piece.

This translates into LIC getting over Rs 1,947.81 crore by selling shares of the heavy electrical equipment maker.

Separately LIC said it has reduced its stake in Icra from 5,60,863 equity shares to 3,31,434 shares from September 6, 2021, to July 18, 2022, at an average cost of Rs 1,541.85, garnering Rs 35.37 crore from the sale.

LIC scrip closed at Rs 688.75 apiece on BSE, down by 1.09 per cent from the previous close.

The scrip of Siemens ended 1.03 per cent lower at Rs 2,686.15, while Icra stock closed 0.17 per cent up at Rs 4,053.35.