LIC Buys Additional Stake in Voltas for Rs 635 Cr

Life Insurance Company (LIC) has increased its shareholding in Voltas by buying an additional 2 per cent stake. The state-owned life insurer increased its shareholding from 2,27,04,306 shares (equivalent to 6.862 per cent) to 2,93,95,224 (8.884 per cent) in Voltas.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

What Has Been Said:

LIC said it acquired Voltas’ shares worth Rs 634.50 crore through open market transactions during the period from August 10 to November 4, 2022. The transaction was carried out as an open market purchase at an average cost of ₹948.31 per share in Voltas.

About Voltas:

Voltas is engaged in the business of air conditioning, refrigeration, electro-mechanical projects as an EPC (engineering, procurement and construction) contractor both in domestic and international market. Voltas has a market cap of around ₹27,609 crore. In Q2FY23, Voltas recorded a consolidated net loss of ₹7.41 crore to owners compared to a profit of ₹103.61 crore in Q2FY22. Consolidated revenue from operations stood at ₹1,768.36 crore in Q2FY23 versus ₹1,689.08 crore in Q2FY22.

About LIC:

Life Insurance Corporation of India is an Indian central public sector undertaking headquartered in Mumbai, Maharashtra, India. It is under the ownership of Ministry of Finance, Government of India. LIC is Indian state-owned insurance group and investment company. LIC which is the largest life insurer in India has market cap of over 4 Lakh crore.

Find More Business News Here