LIC picks 2% in BPCL for Rs. 1,598 cr

New Delhi: LIC has acquired over a two per cent stake in state-owned refiner Bharat Petroleum Corporation Ltd (BPCL) for nearly Rs1,598 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 per cent to 9.04 per cent of the paid-up capital of the company. As per Sebi's regulatory norm, listed companies have to disclose shareholding in excess of 2 per cent. 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 per cent 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.