Life Insurance Corp of India (LIC) has raised its stake in state-owned explorer Oil India Ltd by 2 percent through open market acquisition.
LIC bought 1.22 crore shares or 2.04 percent of equity capital, to raise its stake in the company to 7.045 percent, according to stock market information.
The insurer bought the additional shares between August 25, 2015 and March 16, 2016 for Rs 601.14 crore.
Prior to the acquisition, LIC held 5.005 percent stake in OIL.
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