 "LIC cuts stake in M&M to 6.42% from 8.43%, garners Rs 2,222 crore")
Life Insurance Corporation (LIC) on Wednesday said it has sold 2 per cent of its shareholding in automaker Mahindra & Mahindra for about Rs 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 Rs 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 Rs 682.65 apiece while that of Mahindra and Mahindra fell 0.46 per cent to Rs 1,269 apiece.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app