Oil and Natural Gas Corporation (ONGC) on Monday said
Life Insurance Corporation of India (LIC) has picked up 37.71 crore shares in the company
during the stake sale last week and raised its total holding in the oil and gas major to 9.48 per cent.
Taking into account the average price of Rs 303.67 a share, the country's largest insurer
would have invested about Rs 11,450 crore during the
first-ever auction of PSU shares on March 1.
LIC has bought 37.71 crore shares representing 4.41 per cent stake in ONGC through open market purchase, the state-owned oil and gas major said in a filing to the Bombay Stock Exchange.
The government auctioned 5 per cent of its stake, or 44.77 crore shares, in ONGC on March 1, fetching Rs 12,767 crore to the exchequer.
While the ONGC auction was subscribed 98.3 per cent, LIC had picked up over 84 per cent of the shares on offer. The remaining was bought by institutional and retail investors.
With the acquisition of 4.41 per cent, LIC's stake in ONGC has gone up to 9.48 per cent, the filing added. According to the insurance regulator Irda's guidelines, holding in any company by an insurance firm should not exceed 10 per cent.
Shares of ONGC on Monday were trading at Rs 283.70 at 3.34 pm, up 1.01 per cent on the Bombay Stock Exchange.
- With PTI inputs 
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