LIC Increases Shareholding In LTIMindtree To 5.03%; Check Details Here

LIC Increases Shareholding In LTIMindtree To 5.03%; Check Details Here

The acquisition was completed through an open market purchase.

Oliviya KunjumonUpdated: Thursday, March 21, 2024, 04:48 PM IST
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LIC Increases Shareholding In LTIMindtree | Image: LIC (Representative)

Life Insurance Corporation of India (LIC) has augmented its investment portfolio by increasing its shareholding in Larsen & Toubro Infotech Ltd (LTIMINDTREE LTD/LTIMindtree) from 14,804,362 to 14,906,665 Equity Shares, amounting to 5.03 per cent of the company's paid-up capital, the company announced through a regulatory filing.

Details of Target Entity

LTIMindtree operates in the Computers - Software & Consulting industry with a market capitalization of Rs 1,53,026.13 Cr.

LIC's acquisition in LTIMindtree did not involve any related party transactions, ensuring transparency and adherence to regulatory norms. The purchase was executed at arm's length, without any influence from the promoters or group companies, the company said in the exchange filing.

Objectives

The acquisition aligns with LIC's investment function and is part of its ordinary course of transactions.

Consideration and Percentage of Shareholding Acquired

The acquisition was completed through an open market purchase on March 20, 2024, with an average cost of Rs 5,105.96 per share. LIC's increased shareholding now stands at 5.03 per cent.

About LTIMindtree

Larsen & Toubro Infotech Ltd offers a wide array of IT services including application development, maintenance, outsourcing, enterprise solutions, infrastructure management, testing, digital solutions, and platform-based solutions across various industries.

LTIMindtree shares

The shares of LTIMindtree on Thursday at 3:30 pm IST closed at Rs 5,151.90, up by 1.00 per cent.

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