Life Insurance Corp (LIC) has hiked its stake in Railway PSU Indian Railway Catering and Tourism Corporation (IRCTC) to about 9.3 percent, the state-run insurance company said in an exchange filing.
The firm said its holding in railway sector 'miniratna' PSU has increased 2.02 percent between December 16, 2022 and September 11, 2024 via open market purchases.
"Life Insurance Corporation of India has increased its shareholding in equity shares of Indian Railway Catering and Tourism Corporation Ltd from 5,82,22,948 to 7,43,79,924 i.e., 7.278 percent to 9.298 percent of the paid-up capital of the said company (IRCTC)," the insurer said.
LIC shares were up over 1 percent in the early trade on Friday to quote Rs 1,042.9 per share on the NSE. IRCTC stock stood at Rs 942.9 percent, rising 1.24 percent in morning trade.
The state-run company handed over a dividend cheque of Rs 3,662.17 crore to finance minister Nirmala Sitharaman last month in August. This dividend to the Union government, which is also the largest shareholder in the company, was announced on May 27, after the country’s largest insurer on May 27 declared an interim dividend of Rs 6 per share.
The insurance behemoth also paid an interim dividend of Rs 2,441.45 crore on March 1, 2024, thus totaling Rs 6,103.62 crore dividend paid to the Centre for the year 2023-24.
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