LIC Increases Equity Stake in Hindustan Unilever by Over 5%
In a recent move, Life Insurance Corporation of India (LIC) announced that its stake in FMCG major Hindustan Unilever Limited (HUL) has surpassed 5%. The Corporation augmented its shareholding in HUL from 4.99% to 5.01% of the company’s paid-up capital by acquiring additional shares from the open market. This increase amounted to a purchase of 3,05,000 equity shares, bringing LIC’s total shares in HUL to 11,77,18,555.
LIC procured the additional shares on April 12th, with an average cost of Rs 2,248.59 per unit. This transaction marks a significant move by LIC to strengthen its position in one of India’s leading FMCG companies.
Following this announcement, shares of HUL experienced a decline of 1.72%, closing at Rs 2,194.60 on the BSE. Similarly, LIC’s shares closed at Rs 961.15 apiece, down by 1.03%.
This strategic investment by LIC underscores its confidence in the long-term growth prospects of Hindustan Unilever Limited.
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