LIC increases stake in Deepak Nitrite to 5.028%. Details here

The largest life insurer, LIC on Thursday announced increasing stakes in Indian chemical manufacturing company, Deepak Nitrite. LIC increased its stake to 5.028% of the paid-up capital of Deepak Nitrite. Earlier, the insurer held a 4.977% stake in the company.

LIC increased its stake by 0.051% in Deepak Nitrite by increasing its shareholding to 68,58,414 equity shares or 5.028% from earlier 67,88,327 equity shares or 4.977%.

The transaction was carried out on September 28 in the open market at an average cost of 2,074.49 apiece.

Deepak Nitrite is a leading manufacturer of organic, inorganic, fine, and specialty chemicals.

On BSE, LIC shares closed marginally lower at 619.30 apiece compared to Wednesday’s closing of 621.15 apiece. LIC has a market valuation of 3,91,707.11 crore.

Meanwhile, Deepak Nitrite shares finished at 2,008.05 apiece down by 68.30 or 3.29%. The company has a market cap of 27,388.40 crore.

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