LIC Hikes Stake in Bata India to Over 5%

  • Stock Market News
LIC Hikes Stake in Bata India to Over 5%

By Malvika Gurung -- The country’s largest insurance company Life Insurance Corporation Of India (NS: LIFI ) has raised its shareholding in the footwear manufacturer Bata India (NS: BATA ) to above 5% via open market purchase.

In the period between March 3, 2022, to March 29, 2023, the state-owned national insurer purchased a total of 6,88,621 equity shares of Bata India, translating to a 0.536% stake in the company.

LIC held a voting capital right of 4.472% in Bata India, aggregating to 57,48,071 shares of the company. 

However, following open market transactions of Bata India’s shares in the aforementioned period, the national insurer raised its stake in the shoemaker company from 4.472% to 5.008% now.

LIC now holds a total of 64,36,692 equity shares of Bata India.

Other major insurance companies that hold stakes in the Indian subsidiary of the Switzerland-headquartered footwear retailer Bata India include HDFC Life Insurance (NS: HDFL ) Company and ICICI Prudential (LON: PRU ) Life Insurance Company (NS: ICIR ).

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