Pipavav Defence and Offshore Engineering today said Life Insurance Corporation of India (LIC) has increased its stake in the company with fresh acquisition of shares worth Rs 10.42 crore.
In a BSE filing,Pipavav said LIC bought 13 lakh equity shares,or 0.188 per cent stake,in the company on April 12 through open markets for Rs 10,42,83,813 from the National Stock Exchange.
With the acquisition,LIC now owns 3,48,49,260 shares in Pipavav. Its current holding in the company stood at 5.041 per cent. It had 3,35,49,260 shares before the transaction.
Pipavav’s shares today closed at Rs 80.85 apiece at the BSE,up 0.06 per cent over the previous day’s closing.