Insurance News Details

Life Insurance corporation sells 2.09% stake in Hindustan Copper for Rs 447 crore

(19-Aug-24   19:22)

Life Insurance Corporation of India (LIC) on Monday announced that it has sold 2.09% stake in state-owned Hindustan Copper for Rs 447 crore through an open market transaction. The corporation sold a total of 20,162,682 shares, representing a 2.085% stake in Hindustan Copper, according to a regulatory filing.

The shares of Hindustan Copper were sold at an average price of Rs 221.64 each, taking the total transaction value to Rs 446.8 crore. With this, LIC's stake in the state-owned company has reduced to 6.09% from 8.17%.

Holding has decreased from 8.171% to 6.086%, a decrease of 2.085% during the period from September 27, 2023, to August 16, 2024, at an average cost of Rs 221.64, the filing said.

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