By acquiring an additional 2% of Voltas, Life Insurance Corporation of India (LIC) has boosted its ownership of the company.
According to LIC, between August 10 and November 4, 2022, it made open market purchases of Rs. 634.50 crore worth of Voltas shares.
According to a regulatory filing made on Monday, the state-owned life insurance boosted its ownership of Voltas from 2,27,04,306 shares (equal to 6.862 percent) to 2,93,95,224 (8.884 percent).
As an EPC (engineering, procurement, and construction) contractor, Voltas works on air conditioning, refrigeration, and electro-mechanical projects both domestically and abroad.
A 0.84 percent increase brought the price of LIC stock to Rs 633.30 a share on the BSE, while Voltas’ share price fell 1.24 percent to Rs 834.40 per share.