State-owned Life Insurance Corporation (LIC) has acquired about 8.72% stake in Indian Railways-backed company
Rail Vikas Nigam through an open market transaction.
As per the regulatory filing, Rail Vikas stated that the insurance company acquired approximately 18.18cr equity shares which represent an 8.72% stake in the company.
Earlier this week, the government launched an offer for sale (OFS) to offload about a 15% stake in the company.
The base offer was a 10% stake with a greenshoe option of 5%. A floor price of Rs27.50 per share has been set for the offer.
As of December 31, 2020, the government holds about 87.84% stake in the company.
At around 1.28 pm, Rail Vikas Nigam was trading at Rs28.65 per piece higher by 3.24% on Sensex.
The stock has touched an intraday high and low of Rs29.10 per piece and Rs28.05 per piece during early trading hours.