LIC Increases Stake In Railway Sector PSU IRCTC To 9.3%; Shares Rise

Life Insurance Corp (LIC) has hiked its stake in Railway PSU Indian Railway Catering and Tourism Corporation (IRCTC) to about 9.3 per cent, the state-run insurance company said in an exchange filing.

In a regulatory filing, LIC said its holding in railway sector ‘miniratna’ PSU has increased 2.02 per cent in the period December 16, 2022, to September 11, 2024, via open market purchases.

“Life Insurance Corporation of India has increased its shareholding in equity shares of Indian Railway Catering and Tourism Corporation Ltd from 5,82,22,948 to 7,43,79,924 i.e., 7.278 per cent to 9.298 per cent of the paid-up capital of the said company (IRCTC),” LIC said.

LIC shares were up over 1 per cent in the early trade on Friday to quote Rs 1,042.9 per share on the NSE. IRCTC stock stood at Rs 942.9 percent, rising 1.24 percent in morning trade.

The state-run company handed over a dividend cheque of Rs 3,662.17 crore to finance minister Nirmala Sitharaman last month in August. This dividend to the Union government, also the company’s largest shareholder, was announced on May 27, after the country’s largest insurer on May 27 declared an interim dividend of Rs 6 per share.

The insurance behemoth also paid an interim dividend of Rs 2,441.45 crore on March 1, 2024, thus totaling Rs 6,103.62 crore dividend paid to the Centre for the year 2023-24.

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