Insurance giant Life Insurance Corporation of India (LIC) is spending over Rs 250 crore in Capri Global to increase its stake in the company by 2%.
The insurance provider’s shareholding in Capri Global has increased from 1,24,00,000 to 1,59,51,171 equity shares, raising its stake from 7.052% to 9.072% of the paid up capital of the company, LIC said in a regulatory filing on Monday.
These shares in Capri Global were acquired by LIC between June 10, 2022 to October 28, 2022 at an average cost of Rs 724.74 apiece on the open market, costing a total of Rs 257.37 crore.
Capri Global caters to different segments like MSME, construction, finance, affordable housing and indirect retail lending segments, operating with a market capitalisation of Rs 13,014 crore.
The scrip of LIC closed at Rs 604 on BSE, up 1.86%. Capri Global settled 1.05% higher at Rs 750.50.
With inputs from PTI