The Life Insurance Corporation of India on Friday increased its shareholding in Steel Authority of India from 6.686 per cent to 8.687 per cent, announced the company through an exchange filing. The company now holds a total of 35,88,07,919 equity shares up from its earlier 27,61,48,137 shares.
LIC bought the shares in open market and its holding increased by 2 per cent to 8.687 per cent at an average cost of Rs 66.18.
Steel Authority of India Limited (SAIL) is one of the largest steel-making companies in India and one of the Maharatnas of the country's Central Public Sector Enterprises. SAIL manufactures and sells a broad range of steel products.
The shares of LIC on Friday closed at Rs 602.20, down by 0.20 per cent.