LIC hikes stake in REC to 7%

State-run insurance firm LIC today said it has acquired over 2 per cent stake in the Rural Electrification Corporation (REC) taking its overall shareholding in the firm to more than 7 per cent.
In a BSE filing, LIC said it has acquired an additional 2.023 per cent stake in REC between September 2013 and June 2015 through the open market.
Post the acquisition, LIC's stake in the state-owned REC has risen to 7.029 per cent, it added.
In April, government had sold 5 per cent stake in REC to raise about Rs 1,550 crore -- the first disinvestment in the current fiscal.