LIC bought 86 per cent Indian Oil Corp shares in stake sale

By Editor News


The government on Monday sold 10 per cent of its stake in the state-run refiner and fuel retailer, raising around $1.4 billion.

While LIC is a frequent back up for government sales, the sum it bought on Monday, amid a stock market rout, is likely to raise questions over the future of the sell-off programme. The government is seeking to raise as much as $11 billion by selling stakes in state-run firms this year.

Officials at LIC, whose stake has risen to 11.11 per cent in Indian Oil from 2.52 per cent according to Tuesday's filing after market hours to the Bombay Stock Exchange, did not immediately respond to requests for comment.
Life Insurance Corporation (LIC) of India, the country's largest investor, bought just under 86 per cent of shares sold by the government earlier this week in Indian Oil Corporation.



#LIC #IOCL

Comments

Post a Comment

Popular posts from this blog

Vanaja N. Sarna appointed CBEC chairperson

By Editor News
New Delhi:   Senior bureaucrat Vanaja N. Sarna was on Thursday appointed as chairperson of Central Board of Excise and Customs (CBEC). Sarna, a 1980 batch officer of Indian Revenue Service (customs and central excise), is at present member in the CBEC, an apex policy making body for indirect taxes. She will take over charge from incumbent Najib Shah who completes his term this month-end. The appointments committee of cabinet has approved Sarna’s appointment, an order issued by personnel ministry said. The appointment comes at a time when the Centre is gearing up to roll out goods and services tax (GST)—new indirect tax regime— from 1 July. The CBEC will be responsible for ensuring successful roll out and subsequent implementation of the GST, with the help of VAT officers of state governments and others. The board will also be rechristened as Central Board of Indirect Taxes and Customs (CBIC) after necessary legislative approval in the GST regime. The CBEC—which works under
Read more

PM Kisan Samman Nidhi 9th Installment: Here's how beneficiaries can check their status

By Editor News
What is PM-Kisan Yojna? PM-Kisan Yojna is a central government scheme launched by the Narendra Modi-led government in 2018 to help the farmers of the country. Under this scheme, the government provides income support of Rs 6,000 per annum to all the eligible farmer families. The fund is directly transferred to the bank accounts of the farmers in three equal installments each year. Here's how beneficiaries can check the status of PM Kisan Samman Nidhi 9th installment: Step 1: You need to go to the official website of the government https://pmkisan.gov.in/ and then go to the home page. Step 2: Click on the 'Beneficiary Status' option. You will get the 'Beneficiary Status' option on the top right side of the website.
Read more