Life Insurance Corporation of India (LIC) has announced an increase in its stake in Patanjali Foods Limited to 5.02%. The acquisition was made through open market purchases, with LIC acquiring an additional 0.034% of shares at an average price of ₹1,764.96 per share, as per the regulatory filing dated November 26, 2024.
The move is part of LIC’s investment strategy, with the acquisition being classified under its ordinary course of transaction. Patanjali Foods, a leading player in the edible oil industry, has a market capitalization of ₹63,573.54 crore. The company specializes in processing oil seeds and refining oil for edible purposes.
LIC’s increased stake highlights the insurer’s confidence in Patanjali Foods, a key player in India’s growing edible oil market. The acquisition was completed on November 25, 2024, aligning with LIC’s portfolio diversification and growth objectives.
