LIC Hikes Stake in Tech Mahindra to Nearly 9%, Buys 1.93 Crore Shares

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LIC Hikes Stake in Tech Mahindra to Nearly 9%, Buys 1.93 Crore Shares

By Malvika Gurung

Investing.com -- The country’s largest insurance company Life Insurance Corporation Of India (NS: LIFI ) has raised its shareholding in the leading IT major Tech Mahindra (NS: TEML ) to almost 9% in a period of over 6.5 months.

The national life insurer has increased its holding in Tech Mahindra by 2.015% by acquiring a total of 1,96,33,146 equity shares of the IT giant from November 21, 2022, to June 6, 2023, through an open market purchase.

LIC has shot up its shareholding in the major-cap IT firm from 6.869% to 8.884%, picking shares at an average cost of Rs 1,050.77 apiece.

In the process, the state-owned life insurer now holds a total of 8,65,58,538 equity shares of Tech Mahindra worth Rs 5,205.19 crore at Wednesday’s closing share price.

Shares of LIC climbed 0.42% to Rs 603.9 apiece at 9:30 am on Thursday and those of Tech Mahindra dipped 0.62% to Rs 1,088.65 apiece while writing.

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