New Delhi: Life Insurance Corporation (LIC) has shored up its stake in Infosys to 4.45 per cent, purchasing shares that worth about Rs 1,400 crore during July-September 2014.
This is the second consecutive quarter of share purchase by the state-owned life insurer in the IT services firm.
The exact date of the share purchase by LIC could not be ascertained.
Life Insurance Corporation, the biggest institutional investor in the stock market, held a 3.25 per cent stake in Infosys during the January-March quarter. It has increased its holding to 4.45 per cent as of September 30, 2014.
During April-June quarter, LIC had a 3.71 per cent stake in the country's second largest software services firm.
The state-run firm has been increasing its holding in Infosys since the January-March quarter.
Prior to that, LIC had been reducing its stake in the software company since last year. It held a 6.72 per cent stake in IT firm at the end of June 30, 2013, as per the latest data available with the stock exchanges.
Taking into account the current market value of Infosys shares, the 0.63 per cent hike in LIC's holding in the company would be worth about Rs 1,400 crore. Infosys shares closed at Rs 3,853.85 on Friday.
Mentor N R Narayana Murthy stepped down in June four years before his tenure was to end. He was brought back to head the IT major in June last year, following quarters of laggard performance. Since Mr Murthy's return, Infosys had seen 11 top-level exits.
Apart from LIC, domestic institutional investors (DIIs), too, raised their holding in Infosys to 14.48 per cent during the July-September quarter of 2014 from 14.08 per cent in the preceding three months.
Besides, foreign institutional investors raised their exposure in Infosys to 42.67 per cent from 41.58 per cent during the period.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
