LIC adds ₹1,983 cr. in kitty by offloading shares in Siemens, ICRA

New Delhi

LIC on Tuesday said it had offloaded its stake in heavy electrical equipment maker Siemens and rating firm ICRA for more than ₹1,983 crore.

Corporation’s shareholding in Siemens Ltd. has diluted from 25,623,599 to 18,412,652 equity shares, decreasing its shareholding from 7.195% to 5.170% of the paid-up capital of the said company, Life Insurance Corporation (LIC) said in a regulatory filing.

LIC said its holding in Siemens decreased by more than 2% from October 14, 2020, to July 18, 2022, at an average cost of ₹2,701.19 per piece.

This translates into LIC getting more than ₹1,947.81 crore by selling shares of the heavy electrical equipment maker.

Separately, LIC said it had reduced its stake in ICRA from 5,60,863 equity shares to 3,31,434 shares from September 6, 2021, to July 18, 2022, at an average cost of ₹1,541.85, garnering ₹35.37 crore from the sale.

LIC scrip closed at ₹688.75 apiece on the BSE, down by 1.09% from the previous close.

The scrip of Siemens ended 1.03% lower at ₹2,686.15, while ICRA stock closed 0.17% up at ₹4,053.35.