In the exchange filing, RVNL said that the insurance company has acquired 18.18 crore shares i.e. 8.72 per cent stake through open market transactions.
Lic again became a troubleshooter
The country’s largest insurance company Life Insurance Corporation of India (LIC) has once again become a big support for the government. LIC has bought 8.72 per cent stake in Rail Vikas Nigam Limited (RVNL). Rail Vikas Nigam is an Associate Organization of Indian Railways. In the exchange filing, RVNL said that the insurance company has acquired 18.18 crore shares i.e. 8.72 per cent stake through open market transactions. Let us know that on Tuesday, RVNL had announced that the government would sell 15 percent stake through Offer for Sale (OFS).
Let us know that LIC has become a troubleshooter for the government on many occasions. Earlier, he bought out a 51 percent stake in IDBI Bank to get him out of the crisis. In 2018, IDBI was put in the Prompt Corrective Action (PCA) list due to rising NPAs.
The floor price was set so much
Its floor price was fixed at Rs 27.50 per share, which was 9.54 per cent lower than Tuesday’s closing price. According to RVNL’s shareholding pattern, the government’s stake in the company was 87.84 per cent in the quarter ended December 2020. Public holding is 12.16 percent. Following the sale of 15 per cent stake, the rules set by the RVNL market regulator SEBI will meet the minimum 25 per cent public shareholding standard.
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