2 weeks Ago
India's largest insurer, Life Insurance Corporation of India (LIC), has announced a reduction in its shareholding in Mahanagar Gas Ltd. This information was disclosed in a formal communication to the stock exchanges on September 27, 2024. According to the disclosure, LIC has decreased its equity stake in Mahanagar Gas Ltd from 89,19,236 shares to 68,54,264 shares.
This reduction translates to a decrease from 9.030 per cent to 6.939 per cent of the paid-up capital of Mahanagar Gas Ltd.
The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. LIC has also provided additional details as required under the SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023.
Anshul Kumar Singh, Company Secretary & Compliance Officer for LIC, stated in the communication, said, “Pursuant to Regulation 30 of the Listing Regulations, this is to inform that the Life Insurance Corporation of India ('the Corporation') has decreased its shareholding in equity shares of Mahanagar Gas Ltd. ('Company') from 89,19,236 to 68,54,264 i.e.
, 9.030 per cent to 6.939 per cent of the paid-up capital of the said Company.
” This move by LIC, one of India's largest institutional investors, could potentially impact the market dynamics of Mahanagar Gas Ltd. The insurance giant has requested that the stock exchanges disseminate this information to the public. LIC has also made this information available on its official website at www.
licindia.in, ensuring transparency in its operations and adherence to regulatory requirements. Market analysts will be closely watching the implications of this shareholding reduction on both LIC and Mahanagar Gas Ltd in the coming days.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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