Life Insurance Corporation of India has hiked its stake in private telecom services provider Bharti Airtel to 5 per cent after acquiring shares worth Rs 13.17 crore.
LIC has purchased 5 lakh shares, representing a 0.013 per cent stake in Bharti Airtel, for Rs 13.17 crore through an open market transaction, the telecom services provider said in a regulatory filing to the Bombay Stock Exchange.
The state-owned life insurer acquired the shares on June 30.
Prior to the acquisition, LIC held a 4.998 per cent stake in the company, while now it holds 5.011 per cent in Bharti Airtel.
As per the March quarter shareholding pattern available on the BSE, LIC of India held a 4.76 per cent stake in Bharti Airtel.
-Press Trust of India, July 06, 2010 (New Delhi)