Life insurance giant in India, LIC has increased its shareholding in Tech Mahindra to 6.874%. Earlier, LIC held 4.863% of the paid-up capital of the IT major. That being said, LIC’s stake in Tech Mahindra has increased by 2.011%. LIC raised its stake in Tech Mahindra in an open market purchase.
As per the regulatory filing, LIC’s shareholding in Tech Mahindra has increased from 4,73,44,343 to 6,69,25,392 equity shares in Tech Mahindra — taking its shareholding from 4.863% to 6.874% in percentage terms. The average cost of the transaction was ₹1,042.24 apiece.
In Tech Mahindra, LIC said, there is an increase of 2.011% in holding during the period from November 30, 2021, to November 21, 2022.
Tech Mahindra provides IT services including IT-enabled service, application development and maintenance, consulting, and enterprise business solutions.
On BSE, LIC shares closed at ₹625.70 apiece marginally down from the previous closing price of ₹627.15 apiece. Its market valuation is around ₹3,95,755.11 crore.
Meanwhile, Tech Mahindra shares ended at ₹1,051.10 apiece up by nearly a percent on BSE. The company’s market cap is around ₹1,02,315.49 crore.
Last week, LIC trimmed its stake in two-wheeler and three-wheeler giant, Bajaj Auto to 5.20% from the previous 7.203% of the paid-up capital of the latter. LIC reduced its stake by 2.003% in this auto company.