LIC offloads 2% in Shipping Corporation of India

Life Insurance Corporation (LIC) of India sold 93.50 lakh equity shares or 2.007% stake of Shipping Corporation between 12 March 2021 to 9 March 2022.

Post transaction, LIC decreased its shareholding in Shipping Corp to 6.032% from 8.04% held earlier. The deal was executed as market sale.

SCI is the largest Indian shipping company. It owns and operates around one-third of the Indian tonnage, and has operating interests in practically all areas of the shipping business; servicing both national and international trades. The company's consolidated net profit soared 136.8% to Rs 311.54 crore on a 71% surge in net sales to Rs 1,438.23 crore in Q3 FY22 over Q3 FY21.

 

Shares of Shipping Corporation were trading 0.86% lower at Rs 114.9 in morning trade.

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