The country's largest insurance firm Life Insurance Corporation has hiked its holding in Tata Steel to 14.02 per cent by buying additional 5.16 lakh shares through open market transactions.
In a regulatory filing to the Bombay Stock Exchange, Tata Steel said LIC of India bought 5,16,736 shares, representing 0.05 per cent, in the company on August 24.
After the latest buy, state-run LIC now holds a 14.02 per cent stake in the steel major.
Based on the closing share price of Tata Steel on August 24 (Rs 513.75) at the NSE, the deal value comes at around Rs 26.54 crore. The filing did not mentioned about deal value.
Shares of Tata Steel were trading 2.79 per cent higher at Rs 515.85 on the National Stock Exchange. Broader market was also weak in afternoon trade and the BSE benchmark Sensex was quoting at 18,145.04, down by 81.31 points.
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