LIC buys additional stake in Voltas for Rs 635 crore

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Life Insurance Corporation of India (LIC) has increased its shareholding in Voltas by buying an additional 2 percent stake.

LIC said it acquired Voltas' shares worth Rs 634.50 crore through open market transactions during the period from August 10 to November 4, 2022.

The state-owned life insurer increased its shareholding from 2,27,04,306 shares (equivalent to 6.862 percent) to 2,93,95,224 (8.884 percent) in Voltas, according to a regulatory filing on Monday.

Voltas is engaged in the business of air conditioning, refrigeration, and electro-mechanical projects as an EPC (engineering, procurement, and construction) contractor both in the domestic and international markets.

The stock of LIC closed at Rs 633.30 apiece on BSE, up by 0.84 percent, while Voltas scrip ended 1.24 percent lower at Rs 834.40 apiece.