LIC share price rallies over 4%; extend gains for fourth straight session

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₹690.00 apiece on the BSE. The state-run insurance behemoth Life Insurance Corporation Of India (LIC) has cut its stake in Welspun Corp by 2.05% through market sale in a period of almost 10 months. In an exchange filing on Tuesday, the largest life insurer in the country LIC said it’s shareholding in Welspun Corp has diluted from 1,89,68,840 to 1,36,06,752 equity shares, decreasing its shareholding from 7.252% to 5.202% of the paid-up capital of the company.

Also Read: Jio Financial Services share price falls over 3% ahead of exclusion from NSE indices; $324 mn passive selling expected LIC sold a total of 53,62,088 equity shares of Welspun Corp from November 10, 2022, to September 4, 2023. Welspun Corp share price has surged 45% in 2023 so far. The stock has gained over 27% in the last three months and 36% in the last one year period.

In a separate filing, LIC informed it has infused an incremental capital in LIC Mutual Fund Asset Management Ltd in Rights Issue pursuant to the scheme of merger transaction of IDBI Mutual Fund with LIC Mutual Fund Asset Management Ltd. LIC infused ₹24.75 crore for 956 rights shares in LIC Mutual Fund Asset Management Ltd at a price of ₹2,58,851 each. Also Read: Voltas share price rises over 4%; Motilal Oswal reinitiates coverage on stock, sees 15% upside potential Last month, LIC Mutual Fund had completed the takeover of schemes of IDBI Mutual Fund and the merger was effective from July 29.

LIC share price has gained over 14% in the last three months. However, the stock is flat YTD and up by just 5% in the last one year. At 11:05 am, LIC shares were trading 3.77% higher at ₹685.00 apiece on the BSE.