LIC increases stake in Deepak Nitrite, overall shareholding now goes past 5%

Life Insurance Corporation on Thursday announced buying additional stake in speciality chemicals maker Deepak Nitrite to take its overall shareholding in the company to over 5 per cent.

The Corporation's shareholding in Deepak Nitrite has increased from 67,88,327 to 68,58,414 equity shares, increasing its stake from 4.977 per cent to 5.028 per cent of the paid up capital of the said company, LIC said in a regulatory filing on Wednesday.

The increase of 0.051 per cent was at an average cost of Rs 2074.49 per piece. This is an investment in the ordinary course of transaction through open market purchase, LIC said.

Deepak Nitrite is manufacturer of organic, inorganic, fine and speciality chemicals.

Shares of LIC closed at Rs 619.30 apiece on BSE, down by 0.30 per cent from previous close. Deepak Nitrite scrip ended at Rs 2008.05 apiece, down by 3.29 per cent.