LIC increases stake in Pipavav to over 5%

LIC buys 1.3 million Pipavav Defence shares through open markets for Rs 10.42 cr

Pipavav Defence and Offshore Engineering today said Life Insurance Corporation of India (LIC) has increased its stake in the company with fresh acquisition of shares worth Rs 10.42 crore.

In a BSE filing, Pipavav said LIC bought 1.3 million equity shares, or 0.188% stake, in the company on April 12 through open markets for Rs 10.42 crore from the National Stock Exchange.

With the acquisition, LIC now owns 3,48,49,260 shares in Pipavav. Its current holding in the company stood at 5.041%. It had 3,35,49,260 shares before the transaction.

Pipavav's shares today closed at Rs 80.85 apiece on the BSE, up 0.06% over the previous day's closing.