The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Life Insurance Corporation of India
SAIL · price
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Life Insurance Corporation of India (LIC) has disclosed a sale of 85,142,438 shares (2.061%) in Steel Authority of India Ltd through a market sale. The transaction period spans from June 8, 2023 to April 28, 2026. Before the sale, LIC held 358,807,919 shares representing 8.687% of SAIL's total voting capital. After the sale, their holding reduced to 273,665,481 shares representing 6.626%. LIC clarified that it does not belong to the promoter/promoter group of SAIL. The filing was submitted under SEBI Regulation 29(2) of the SAST Regulations, 2011, which requires disclosure by any person holding more than 5% shares in a listed company.
LIC's reduction of its SAIL stake by over 2 percentage points indicates a partial exit. While remaining a significant shareholder above 5%, the sale may signal reduced institutional confidence or portfolio rebalancing, which could exert mild negative pressure on SAIL's stock price near-term.