State-owned insurance company and investment giant life insurance corporation (LIC) has increased its stake in chemical manufacturing company Deepak Nitrite, according to an exchange filing.
As per the shareholding period updated to the exchanges, LIC has increased its stake to 3.37% holding approximately 46,01,327 shares in the company. LIC held 1.68% stake in Deepak Nitrite at the end of September quarter.
Shares of Deepak Nitrite were trading 2.51% higher in the afternoon deals on Monday 2,596.90 on NSE. The stock has gained 152.59% in the last one year.
The stock has gained 33.04% in the last six months.
Deepak Nitrite is an Indian chemical manufacturing company, with its units located at Nandesari and Dahej in Gujarat, Roha and Taloja in Maharashtra and Hyderabad in Telangana.
The company manufactures a spectrum of chemicals including agrochemicals, colorants, rubber, pharmaceuticals, specialty and fine chemicals.
It may be noted that RBI had capped non-promoter share holdings for individuals and non-financial institutions at 10%.
Meanwhile, LIC, which is one of the largest institutional investors in India’s stock market, aims to list on domestic stock exchanges by March next year, with an estimated $12 billion initial public offering, which will be available in the country. will be the largest.
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