Life Insurance Corporation of India (LIC) disclosed that it increased its stake in Indian Railway Catering and Tourism (IRCTC) to 7.278% from 5.005% earlier.
LIC bought 1,81,80,323 shares, or 2% equity, at an average cost of Rs 692.28 via open market purchase during the period from 17 October 2022 to 16 December 2022.IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.
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.
Shares of LIC were up 1.51% at Rs 745.65 while IRCTC shed 0.73% to Rs 671.70 on the BSE.
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