Mumbai: Life Insurance Corporation of India (LIC), the largest insurance company in India, has raised its ownership stake in Tech Mahindra, an IT services provider, through open market transactions.
The insurance behemoth raised its equity shareholding over the course of more than six months.
"Corporation’s shareholding in Tech Mahindra has increased from 6.69 crore to 8.65 crore equity shares, raising its shareholding from 6.869 percent to 8.884 percent," LIC said in its filing to exchanges.
During the period between November 21, 2022, and June 6, 2023, LIC's holding in Tech Mahindra saw a growth of 2.01 percent. The average purchase price for these shares was recorded at Rs 1,050.77 per share.
As of March 2023, LIC held 8.07 percent stake or 7.86 crore equity shares in Tech Mahindra.