LIC's shareholding in HPCL crosses 5%

Life Insurance Corporation (LIC) on Tuesday said its shareholding in state-owned Hindustan Petroleum Corporation has crossed 5 per cent.

The shares were acquired in the ordinary course of transaction through open market purchases, LIC said in a regulatory filing to stock exchanges. The holding in the company crossed 5 per cent on May 8, 2023.

HPCL is engaged in the business of refining crude oil and marketing petroleum products. Its market capitalisation is Rs 36,194 crore.

LIC's holding in HPCL increased from 4.901 per cent to 5.013 per cent. It is an increase of 0.112 per cent on May 8, at an average cost of Rs 253.01, the insurance behemoth said.

LIC's shares closed at Rs 557.35 apiece on BSE, down 0.93 per cent. HPCL's share was up 0.81 per cent at closed at Rs 255.55.