LIC Offloads 2.09% Stake in Hindustan Copper for Rs 447 Crore

Life Insurance Corporation of India announced the sale of a 2.09% stake in Hindustan Copper, amounting to Rs 447 crore. The transaction involved 2,01,62,682 shares at an average price of Rs 221.64 each, reducing LIC's stake from 8.17% to 6.09%.

Life Insurance Corporation of India (LIC) has announced the sale of a 2.09% stake in the state-owned Hindustan Copper for a sum of Rs 447 crore in an open market transaction.

According to a regulatory filing, LIC divested a total of 2,01,62,682 shares, accounting for 2.085% of Hindustan Copper, at an average price of Rs 221.64 each. This transaction has effectively reduced LIC's holding in the company from 8.17% to 6.09%.

Hindustan Copper Ltd, under the administrative control of the Ministry of Mines, is the sole entity in India involved in copper ore mining and remains the only integrated producer of refined copper in the country.

(With inputs from agencies.)