29 November 2022

New Delhi : LIC has acquired over a 2 % stake in state – owned refiner Bharat Petroleum Corporation Ltd ( BPCL ) for nearly Rs 1,598 crore since December last year .

The state – owned life insurance behemoth in a regulatory filing on Tuesday said its shareholding in BPCL has in creased from 15,25,08,269 to 19,61,15,164 equity shares , increasing its shareholding from 7 % to 9 % of the paid – up capital of the company . As per Sebi’s regulatory norm , listed companies have to disclose shareholding in excess of 2 % .

LIC buys over 2 % in BPCL
LIC buys over 2 % in BPCL

BPCL has a market capitalisation of Rs 67,301 crore , which is in the refining of crude oil and marketing of petroleum products . There is an increase of more than 2 % in the holding during the period from December 28 , 2021 , to September 26 , 2022 , ” LIC said . The shares we re purchased in the ordinary course of the transaction through the open market at an average cost of Rs 336.4 per share . Shares of LIC closed 0.3 % down at Rs 629 apiece on BSE and BPCL scrip ended at Rs 311 apiece , up by 1.9 % .

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