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LIC hikes stake in GAIL; stock down 2%

This article was posted on Feb 24, 2009 and is filed under Stock News

MUMBAI: Life Insurance Corporation of India hiked its stake to 9.98 per cent in state-run GAIL through open-market transaction as well as bonus allotment. In a disclosure on the Bombay Stock Exchange , Gail India said LIC has purchased over 5.92 crore shares representing two per cent stake in the company between March 21, 2007, and February 13 this year.

LIC bought 7.38 crore shares worth Rs 1,132.97 crore and sold 1.46 crore shares for Rs 546.77 crore, resulting in a net acquisition of 5.92 crore shares (2 per cent), the filing added. Out of the 5.92 crore shares, over 3.88 crore were bonus shares, Gail added.

Prior to the transactions, LIC held 7.98 per cent stake, which has increased to 9.98 per cent representing over 12.66 crore shares in Gail India.

At 3:25 pm, shares of GAIL India were down 1.57 per cent at Rs 197 on the BSE.

source: Economictimes

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