Reliance Industries Ltd. owns 36.12 lakh shares of Life Insurance Corp. and the investment is valued at Rs 193 crore as on March 31 on its books.
The holding is categorised as financial assets at fair value through other comprehensive income, according to RIL's annual report. The investment was disclosed in the annual report.
LIC, on its part, has increased stake in RIL over the last one year to 6.42% stake (up from 6.11%) as of March, according to exchange disclosures. It's one of the top five shareholders holding more than 5% stake in the oil-to-telecom conglomerate.
While it is not clear if RIL invested in LIC at the time of the IPO or picked shares from the open market, the fair value is recorded as March 31 closing price.
RIL holds LIC shares at an average price of Rs 534.3 apiece against the IPO price of Rs 949 apiece. The insurer hit a 52-week low of Rs 530.20 in March and the stock is currently trading at Rs 644.40 apiece.
However, it is not clear if RIL booked any losses from investing in the shares of the insurance behemoth.
The LIC IPO last financial year saw good retail participation but interest from non-Institutional and foreign investors was muted. The insurance major listed on a muted note on the stock exchange.
Mukesh Ambani-owned Reliance will hold its annual general meeting on Aug. 28.
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