Life Insurance Corp. of India sold a 2.09% stake in Hindustan Copper Ltd. for Rs 446.8 crore in an open market sale from September 2023 to August 2024.
The state-run life insurer reduced its stake in the copper producer by 2.09% to 6.09% at an average cost of Rs 221.64 apiece, according to an exchange filing. India’s largest life insurer’s stake in the company decreased from 7.90 crore shares to 5.88 crore shares, according to the filing.
Shares of LIC rose as much as 1.67% during the day to Rs 1,075 apiece on the NSE. It was trading 1.11% higher at Rs 1,069 apiece, compared to a 0.16% advance in the benchmark Nifty 50 at 1:25 a.m.
Hindustan Copper’s shares rose as much as 3.03% during the day to Rs 323.5 apiece, before paring gains to trade 1.8% higher at Rs 319.6 per share.
Hindustan Copper has risen 133% in the last 12 months and 17% on a year-to-date basis. The total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 53.