Life Insurance Corporation of India (LIC) on Friday announced that it has reduced its equity stake in Mahanagar Gas Ltd (MGL) by 2.091 per cent. After this, LIC’s shares in MGL went down from 9.030 per cent to 6.939 per cent between September 12, 2023 and September 26, 2024.
“This is to inform that the Life Insurance Corporation of India (the Corporation) has decreased its shareholding in equity shares of Mahanagar Gas Ltd (Company) from 89,19,236 to 68,54,264 i.e., 9.030% to 6.939% of the paid-up capital of the said Company,” the insurance major said in a regulatory filing.
LIC sold the shares through open market transactions, in the ordinary course of its investment function. The shares were offloaded at an average price of Rs 1,521.31 per share.
Earlier in August, LIC reported a 9 per cent increase in standalone net profit for the first quarter of FY25 at Rs 10,461 crore. The life insurance behemoth posted a net profit of Rs 9,544 crore for the corresponding quarter of the previous year. The insurer’s net premium income rose 16 per cent to Rs 1.14 trillion in Q1FY25 compared to Rs 98,363 crore in Q1FY24.