LIC increases stake in Tech Mahindra to 8.88%

There is an increase of 2.015 percent in holding during the period from November 21, 2022 to June 6, 2023, LIC said.

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Insurance behemoth Life Insurance Corporation of India (LIC) has increased its equity shareholding in IT services provider Tech Mahindra via open market transactions in the last more than a six-month period.

“Corporation’s shareholding in Tech Mahindra has increased from 6.69 crore to 8.65 crore equity shares, raising its shareholding from 6.869 percent to 8.884 percent,” LIC said in its filing to exchanges.

There is an increase of 2.01 percent in holding during the period from November 21, 2022, to June 6, 2023, it added. The average buying price for these shares stood at Rs 1,050.77 per share.

As of March 2023, LIC held 8.07 percent stake or 7.86 crore equity shares in Tech Mahindra.

The IT company share price closed at Rs 1,095.65 on the BSE, up 0.9 percent, while in the current calendar year, the stock fell nearly 8 percent.