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The Economic Times
The Economic Times
Debaroti Adhikary

LIC buys Maruti Suzuki shares worth Rs 68 crore, insurer's stake in automaker crosses 5%

Maruti Suzuki LIC India Life Insurance Corporation of India Hisashi Takeuchi Insurance

State-run insurer and India's largest institutional investor, Life Insurance Corporation of India (LIC), bought 51,750 shares of automaker Maruti Suzuki on June 3, effectively taking its stake in India’s largest carmaker above the 5% ownership threshold.

In an exchange filing, LIC announced that it bought the shares through a market purchase, which would be worth nearly Rs 67.61 crore at Maruti Suzuki’s previous closing price of Rs 13,064 apiece on the NSE. Before the transaction, LIC held 1.57 crore shares or a 4.989% stake in the automaker. After the latest purchase, LIC owns a 5.006% stake in Maruti Suzuki.

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