Wednesday, August 17, 2011

LIC increases stake in Tata Steel

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.

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