LIC increases stake in Bhel to 9%

Written by Press Trust of India | New Delhi | Updated: May 8 2011, 03:30am hrs
Life Insurance Corporation (LIC) has acquired additional over 2% stake in power equipment maker Bhel from the market for Rs 2,205 crore to become the second-largest shareholder in the PSU after the government.

LIC, which had 7.022% stake in Bhel prior to this round of acquisition, bought shares during June last year to May 3 this year to take its stake to 9.052%, Bhel said in a filing to the stock exchanges.

According to the shareholding pattern, the government has 67.72% stake in Bhel, followed by over 9% by LIC and 1.4% by ICICI Prudential Life Insurance. The remaining stake in held by foreing institutional investors and the public. Bhel shares changed hands at Rs 2,057.70 at the bourses during the trading on Friday Bhel officials did not comment on the developmet. Bhel has announced highest-ever turnover of Rs 43,451 crore in 2010-11, registering a growth of 27 per cent over the previous year's.