Shareholding by Life Insurance Corporation in Tata Motors Ltd. has crossed 5% as the insurer stepped up shareholding over the past ten months, investing Rs 11.39 crore in the auto company.
LIC said its shareholding in Tata Motors Ltd. has increased from 16,59,48,741 to 16,61,98,741 equity shares increasing its shareholding from 4.997% to 5.004% of the paid-up capital of the company, the insurer said in a regulatory filing on Tuesday.
"Holding in the company has crossed 5% on Oct. 31, 2022," LIC said. The acquisition of shares were done during the period from Dec. 3, 2021 to Oct. 31, 2022 at an average cost of Rs 455.69.
As per regulatory norms, listed companies are required to inform stock exchanges when their shareholding in a company crosses 5%.
Tata Motors has a market capitalisation of Rs 1.38 lakh crore.
Stock of LIC closed at Rs 605.30 apiece on BSE, up by 0.22% from previous close. Tata Motors scrip ended at Rs 421.50, up by 2.16%.
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