Life Insurance Corporation of India (LIC) disclosed that it increased its stake in Info Edge (India) to 5.008% from 4.988% and in Gail (India) to 6.833% from 4.815% earlier.
LIC bought 26,000 shares of Info Edge (India) at an average cost of Rs 4,790.76 via open market purchase during the period on on 21 December 2022. LIC's holding in the company crossed 5%.LIC bought 13,27,25,837 shares, or 2% equity, of Gail (India) at an average cost of Rs 93.01 via open market purchase during the period from 7 July 2020 to 21 December 2022.
Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc.
GAIL (India) is one of the largest natural gas processing & distribution company. The Government of India held 51.90% stake in Gail (India) as on 30 September 2022.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country. Shares of LIC debuted on the bourses on 17 May 2022. The scrip was listed at Rs 867.20, representing an 8.62% discount to the issue price of Rs 949.
On the BSE, LIC was down 1.86% at Rs 669, Info Edge (India) slipped 3.66% to Rs 3,945.55 and Gail (India) lost 2.76% to Rs 91.60.
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