Domestic insurance giant Life Insurance Corporation (LIC) has raised its stake beyond 10% in a few blue chip companies even after the insurance regulator IRDA decided to impose a cap of 10% on the institution’s investment in a single company.LIC has made fresh investments in companies like Siemens, PTC India, Tata Power and Cipla in which it now holds more than 10% stake each. Based on Wednesday’s closing, the combined value of the institution’s additional investments in these companies amounted to nearly Rs 800 crore.
According to disclosures filed with BSE, LIC bought 97,34,113 shares of Siemens between February 6 and September 5, 2008, resulting in a hike in its stake from 7.7% as on December 31, 2007 to the current 11.3%. The company’s shares have tanked nearly 30% in the past one month.PTC India and Tata Power are the two other notable examples where LIC now holds a little over 10% after acquiring additional shares in September. The stocks of these companies have lost 18% and 12% respectively in one month.
Following is a list of companies where LIC holds 10%-plus stake:
Tata Motors
Tata Steel
Corporation Bank
Ranbaxy
Cipla
M&M
Maruti Suzuki
Dr Reddy’s Labs
MTNL
HPCL
Oriental Bank
Reliance Infrastructure
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