LIC offloads over 2% shares in Bajaj Auto via open market transactions

LIC decreased its shareholding from 5.2% to 3.17% in Bajaj Auto Ltd

Life Insurance Corporation of India (LIC) on Wednesday said it has offloaded a little over two per cent in Bajaj Auto Ltd through an open market sale.

 "...Corporation’s shareholding in "BAJAJ AUTO LTD.” has been diluted from 14,712,999 to 8,977,945 Equity Shares, decreasing its shareholding from 5.2 per cent to 3.173 per cent of the paid-up capital of the said company", LIC said in a regulatory filing.

These shares were sold at an average price of Rs 4,772.18 apiece during the period from November 16, 2022, to July 25, 2023. LIC decreased its shareholding from 5.2 per cent to 3.17 per cent in Bajaj Auto Ltd, a decline of 2.07 percentage points.

Bajaj Auto is a two-wheeler and three-wheeler manufacturing company that exports to 79 countries  including Latin America and Southeast Asia

In May, LIC announced that its shareholding in Hindustan Petroleum Corporation (HPCL) has increased to 5.013 per cent from 4.901 per cent.

In June, LIC’s new business premium (NBP) increased 21 per cent to Rs 24,970.82 crore while the private sector life insurers recorded growth of 13 per cent to Rs 11,990.94 crore.

LIC’s new business premium growth fell marginally to Rs 73,005 crore for the April-March period. Private players reported growth of 10.58 per cent to Rs 28,168 crore.

Shares of LIC closed 0.84 per cent higher at Rs 628.50 apiece on the BSE.