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India’s life insurance giant LIC has increased its stake in Tech Mahindra to 6.874%. Earlier, LIC held 4.863% of the paid up capital of the IT department. Additionally, LIC’s stake in Tech Mahindra increased by 2.011%. LIC increased its stake in Tech Mahindra by buying in the open market.
According to a regulatory filing, LIC’s stake in Tech Mahindra has been increased from 4,73,44,343 to 6,69,25,392 shares in Tech Mahindra—taking the stake from 4.863% to 6.874% in percentage terms. The average transaction price was ₹1,042.24 per piece.
In Tech Mahindra, LIC said, there is an increase in holdings of 2.011% during the period from November 30, 2021 to November 21, 2022.
Tech Mahindra provides IT services including IT services, application development and maintenance, consulting and business solutions for enterprises.
On the Belgrade Stock Exchange, LIC shares closed at ₹625.70 per piece slightly less than the previous closing price ₹627.15 per piece. Its market value is approx ₹3,95,755.11 crowns.
Meanwhile, shares of Tech Mahindra ended at ₹1,051.10 apiece up nearly a percent on BSE. The company’s market capitalization is approx ₹1,02,315.49 crowns.
Last week, LIC reduced its stake in two-wheeler and three-wheeler giant Bajaj Auto to 5.20% from the latter’s previous 7.203% paid-up capital. LIC reduced stake in this auto company by 2.003%.
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