News & Analysis » India
LIC Raises Its Stake In Tata Steel
August 27, 2010, Friday, 18:46 GMT | 13:46 EST | 23:16 IST | 01:46 SGT
(RTTNews) - Tata Steel Ltd., said India's largest insurance firm Life Insurance Corporation of India had acquired additional 516,736 equity shares or 0.057 per cent voting rights through open market on August 24.
Post acquisition, state-run LIC now holds a 14.02 per cent stake in the steel major. The company did not divulge the deal value. However, based on the closing share price of Tata Steel on August 24 (Rs.513.80) on the BSE, the deal value comes to around Rs.26.55 crore.
Shares of Tata Steel closed Friday's trading at Rs.510.15, up by 1.65% from the previous close on the BSE.
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