LIC Hikes Stake In Container Corp. To 7.78%

Life Insurance Corp. increased its stake in Container Corp. to over 7.78% through a market purchase, according to an exchange filing posted on the BSE on Monday.

LIC's stake before it hiked its holding in Container Corp. was 3,51,73,206 shares, or 5.773% equity, which now stands at 7.781% or 4,74,10,462 shares. The public sector life insurance company acquired 1,22,37,256 shares, or 2.008% stake.

The date of acquisition according to the filing was between Oct. 19, 2023 and Sept. 6, 2024.

This development comes on the heels of the firm having been hit with penalties totalling Rs 230 crore from the Goods and Services Tax authorities in Telangana and Tamil Nadu.

"These penalties come in addition to two similar tax demands received by LIC over the past month, bringing increased regulatory scrutiny on the state-owned insurer," NDTV Profit reported.

The Tamil Nadu State GST authority issued a demand for the fiscal 2020-21, seeking Rs 116.58 crore.

The Telangana State GST authority issued a demand notice for the financial year for approximately Rs 113.72 crore.

Shares of LIC closed 0.94% lower at Rs 1,029 apiece on the BSE, compared to a 0.46% advance in the BSE Sensex.