LIC buys over 2% stake in Bharat Petroleum for nearly Rs 1,598 crore

LIC has acquired over a 2 percent stake in state-owned refiner Bharat Petroleum Corporation Ltd (BPCL) for nearly Rs 1,598 crore since December last year.

The state-owned life insurance behemoth in a regulatory filing on Tuesday said its shareholding in BPCL has increased from 15,25,08,269 to 19,61,15,164 equity shares, increasing its shareholding from 7.03 percent to 9.04 percent of the paid-up capital of the company.

As per Sebi’s regulatory norm, listed companies have to disclose shareholding in excess of 2 percent.

BPCL has a market capitalisation of Rs 67,301 crore, which is in the refining of crude oil and marketing of petroleum products.

"There is an increase of more than 2 percent in the holding during the period from December 28, 2021, to September 26, 2022," LIC said.

The shares were purchased in the ordinary course of the transaction through the open market at an average cost of Rs 336.43 per share. Shares of LIC closed 0.28 percent down at Rs 629.05 apiece on BSE and BPCL scrip ended at Rs 310.65 apiece, up by 1.85 percent.