According to a recent regulatory filing, the largest insurance company in the country, Life Insurance Corporation of India (LIC), has raised its stake in Tech Mahindra Ltd by almost 2%. An open market acquisition was used to increase the shareholding.
At an average price of Rs 1,050.77 per share, the insurer bought around 1.9 crore shares, or 2.01 percent of Tech Mahindra’s equity capital. Between November 21, 2022, and June 6, 2023, almost Rs 2,000 crore ($268 million) was invested in total.
This tactical decision by LIC demonstrates its faith in Tech Mahindra’s potential for expansion as well as the general potential of India’s burgeoning IT sector. This increase in ownership is anticipated to strengthen LIC’s investment portfolio and may eventually produce large returns.
The additional funding might support Tech Mahindra’s expansion aspirations and open up new doors for both commercial expansion and technological advancement as it continues to lead the technology industry in innovation.