Life Insurance Corporation of India (LIC) sold 219,866 equity shares or 2.05% stake of Lakshmi Machine Works from 10 December 2019 to 3 January 2022.
Post transaction, Life Insurance Corporation of India (LIC) decreased its shareholding to 582,242 equity shares or 5.45% stake from 802,108 equity shares or 7.5% stake held in Lakshmi Machine Works. The deal was executed as market sale.As of 30 September 2021, Life Insurance Corporation (LIC) of India held 5.89% stake in the company.
Shares of Lakshmi Machine Works were trading 0.1% higher at Rs 9,427.65 on BSE.
Lakshmi Machine Works is a leading textile machinery manufacturer in India and one among the three in the world to produce the entire range of spinning machinery.
The company's consolidated net profit surged to Rs 43.52 crore in Q2 FY22 from Rs 6.90 crore in Q2 FY21. Revenue from operations increased by 102.6% to Rs 803.07 crore in the second quarter from Rs 396.34 crore recorded in the same period last year.
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