LIC buys over 2 cr shares of Pipavav for Rs 171 cr

Life Insurance Corporation today increased stake in Pipavav Defence and Offshore Engineering to 5.63% with fresh acquisition of shares worth over Rs 171 crore through an open market transaction.

According to the bulk deal data of stock exchanges, country's largest life insurer LIC bought 2.15 crore shares of Pipavav at Rs 79.50 apiece, valuing the the deal at Rs 171.21 crore.

With the acquisition, LIC now owns 5.63 crore shares in private shipbuilder Pipavav. Prior to this acquisition, LIC held 3.48 crore shares, or 5.04% stake in Pipavav.

Shares of Pipavav fell 4.2% to close at Rs 79.90 apiece on the BSE today.