Life Insurance Corporation of India has bought 9.4 lakh shares in Tata Steel from the open market, hiking its holding in the steel-making firm to a little over 14%.
In a communique to the Bombay Stock Exchange (BSE), Tata Steel said that following the acquisition of additional shares on August 12, LIC currently holds 13.49 crore shares, or a 14.06% stake, in the firm.
LIC had a 13.97% stake in Tata Steel before the latest transaction, it said.
As of June-end, Tata Steel's promoters, including Tata Sons, held a 30.60% stake in the company.
The stock eneded up seven tenth of a percent to close at Rs. 472 in today's trade.