This Article is From Jun 05, 2015

LIC Hikes Stake in REC to 7%

LIC Hikes Stake in REC to 7%
New Delhi: State-run insurance firm LIC on Friday said it has acquired an over 2 per cent stake in Rural Electrification Corporation (REC), taking its overall shareholding in the firm to more than 7 per cent.

LIC in a filing to the BSE said it has acquired an additional 2.023 per cent stake in REC between September 2013 and June 2015 through the open market.

After the acquisition, LIC's stake in the state-owned REC has risen to 7.029 per cent, it added.

In April, government had sold a 5 per cent stake in REC to raise about Rs 1,550 crore - the first disinvestment in the current fiscal year.
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