Life Insurance Corporation of India (LIC) has increased its stakeholding to 5.02 per cent in the edible oil refiner Patanjali Foods through the purchase of shares via open market operations, according to an exchange filing on Tuesday, November 26.
The stakeholding of the government-owned insurer rose 0.034 per cent to 5.02 per cent, compared to its earlier level of 4.986 per cent.
“This is to inform that the Life Insurance Corporation of India has increased its shareholding in equity shares of Patanjali Foods Ltd from 1,80,48,377 to 1,81,73,377 i.e., 4.986% to 5.020% of the paid-up capital of the said company,” said Life Insurance Corporation of India in the BSE filing.
LIC shares closed 0.25 per cent higher at ₹907.35 after Tuesday's market session, compared to ₹905.05 at the previous market close. On the other hand, Patanjali Foods Ltd shares closed 0.32 per cent lower at ₹1,754.6 today, compared to its ₹1,760.2 level at the previous market close. The company released the information about the increasing stake through open market operation after market operating hours.
The disclosure filing also stated that the current market capitalization of the company stands at ₹63,573.54 crore, as per the filing data. The company also said that the cost of acquisition of the shares was at an average of ₹1,764.965 per share.
Patanjali Food Ltd is a fast-moving consumer goods (FMCG) firm which is primarily involved in the business of processing oil seeds and refining oil for edible use. The product portfolio extends from Food and FMCG, Edible oils, and Wind turbine power generation, according to the company's website.
Mint reported earlier in August 2024 that the edible oil refiner's shares surged over 25 per cent due to a bullish trend for the past three months. Systematix Institutional Equities, a brokerage firm, assigned a ‘BUY’ rating and set a target price of the shares at ₹2,259 in August. Shares are now trading at ₹1,754.6 as of Tuesday's market close.
