NEW DELHI: India’s largest insurer Life Insurance Corporation of India (LIC) has raised its shareholding in Indian Railway Catering and Tourism (IRCTC) from 5.005% to 7.278% at an average cost of `692.28/share, according to a regulatory filing.
There is an increase of 2% in holding during the period from 17.10.2022 to 16.12.2022. As per the latest purchase data provided, the state-run insurance behemoth has purchased an additional 1,81,80,323 equity shares of IRCTC, also a government-owned listed company, taking its total holding to 5,82,22,948 shares from 4,00,42,625 from Oct 17, 2022, to Dec 16, 2022.
With over 7% stake, LIC is now the single largest public shareholder in the company. The share purchase in IRCTC comes amidst the government’s offer for sale (OFS) to offload a 5% stake in the ticket service provider on December 15 and 16. This OFS received an overwhelming response.