LIC raises equity holding in Tata Tea to 13.93 per cent

21 Oct 2009

Life Insurance Corporation of India (LIC) has hiked its stake in Tata Tea to 13.93 per cent from 11.55 per cent through open market transactions.

LIC bought 14,73,649 shares, representing 2.38 per cent stake in Tata Tea for around Rs109.75 crore, the company said in a disclosure on the Bombay Stock Exchange.

LIC has pumped in around Rs90,000 crore into the stock markets during the first-half of the current fiscal. Of this, Rs16,000 crore has gone into equities.

A major share of LIC's equity investments this year are expected to be in the banking and pharma sectors.

LIC invests around 8-9 per cent of the total premium collected in the stock market every year.

The insurance major could end financial year 2009-10 with investments exceeding the targeted Rs1,75,000 crore.