LIC of India hikes minor stake in Tech Mahindra

Life Insurance Corporation of India (LIC) bought 85,000 equity shares or 0.09% stake in Tech Mahindra, on Friday, 22 April 2022.

Post transaction, Life Insurance Corporation of India (LIC) increased its shareholding to 4.86 crore equity shares or 5.001% stake from 4.85 crore equity shares or 4.992% stake. The deal was executed as a market purchase.

As per reports, the much-awaited initial public offering of the Life Insurance Corporation of India (LIC) is likely to open on 4 May 2022 and close on 9 May 2022. The government is likely to price LIC IPO at Rs 950-1,000 per share. By seeking Rs 21,000 crore from the proposed IPO, the government targets a valuation of Rs 6 trillion for the insurer.

The IT services company reported 6.82% increase in consolidated net profit to Rs 1,378.20 crore on 18.69% rise in revenue from operations to Rs 11,450.80 crore in Q3 December 2021 over Q3 December 2020.

Tech Mahindra is focused on leveraging next-generation technologies including 5G, Blockchain, Cybersecurity, Artificial Intelligence, and more, to enable end-to-end digital transformation for global customers.

Shares of Tech Mahindra rose 0.38% to Rs 1,275.75 on BSE.

Powered by Capital Market - Live News