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INDIA BUSINESS WORLD - 1st March - TO - 15th March - 2009
LIFE INSURANCE CORPORATION OF INDIA HIKES STAKE IN GAIL
Life Insurance Corporation of India has hiked its stake in Gail India to 10.1% after purchasing over 13.40 lakh shares through the open market. In a filing to the Bombay Stock Exchange, Gail India said LIC has purchased over 13.40 lakh shares representing 0.1% stake. Calculated on the basis of February 2 closing price, the transaction is expected to cost over Rs 26.83 crore to LIC. Prior to the aforesaid purchase LIC held 9.99% stake, while now it holds over 12.81 crore shares. Shares of Gail India settled at Rs 200.55, up 1.67% on the BSE.
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