Life Insurance Corporation of India (LIC) informed that it increased its stake in LTIMindtree to 2,08,34,009 equity shares from 1,49,06,665 shares increasing its shareholding to 7.034% from 5.033% of the paid up capital of the company.
LIC acquired the stake at an average price of Rs 4,950.807 per share from 20 March 2024 to 19 November 2024.The deal was in the ordinary course of action, said LIC in the exchange filing. The release came post market close on Thursday 21 November 2024.
LTI Mindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. LTI Mindtree a Larsen & Toubro Group company combines the industry-acclaimed strengths of erstwhile Larsen and Toubro Infotech and Mindtree in solving the most complex business challenges and delivering transformation at scale.
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 rose 0.48% to Rs 886.50 while LTI Mindtree added 1.06% to Rs 5,992 on the BSE.
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