India's largest insurer, Life Insurance Corporation of India (LIC), has recently reduced its stake in Mahanagar Gas Ltd. (MGL). The move was disclosed in a formal communication to the stock exchanges on September 27. According to the filing, LIC sold over 2 million shares, trimming its stake from 9.03% to 6.939%.
This decision saw LIC's ownership drop from 89,19,236 shares to 68,54,264 shares. The reduction in shareholding is significant and has been made in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements. Anshul Kumar Singh, Company Secretary and Compliance Officer for LIC, confirmed this change.
Given LIC's stature as one of India's largest institutional investors, this development could have considerable implications for Mahanagar Gas' stock in the short and long term.
Impact on Mahanagar Gas Stock
Mahanagar Gas has been one of the strong performers in the stock market. Its share price has risen over 85% year-to-date (YTD), reflecting its robust market performance. However, on September 30, the share price of Mahanagar Gas was down by 1.42%, trading at ₹1919.75 per share on the BSE.
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