LIC has reduced its stake in another company. In a communication sent to the stock exchange on Friday, LIC said that it has reduced its stake in Mahanagar Gas by 2% through open market sale. According to the information provided by the corporation, it has sold about 21 lakh shares of Mahanagar Gas. A report by Moneycontrol estimated that LIC is expected to make a profit of more than Rs 120 crore from this sale. Earlier this month, the corporation had also informed about reducing its stake in Aurobindo Pharma. LIC's stock closed at 1024 with a decline of about half a percent in Friday's trading.

How much share was reduced
 

According to the information given to the stock market, LIC has sold 20.65 lakh shares from its stake in Mahanagar Gas Limited, this sale has been done between September 2023 and September 2024. Now LIC's stake in the company has come down from 9.03 percent to 6.94 percent. According to the report of Moneycontrol, these shares have been sold at an average price of 1521. LIC did not give information about the total value of the sale, but according to the report, this sale could be of Rs 314 crore. LIC is expected to make a profit of Rs 120 crore in this deal. MGL's stock has increased by 90 percent in a year. And where did the purchase and sale take place Earlier in the month of September itself, LIC had informed about reducing its stake in Aurobindo Pharma. The corporation had said that it has reduced its stake in the pharma company from 5.01 per cent to 2.265 per cent through open market sales between November 25, 2021 and September 12, 2024. On the other hand, in September itself, LIC also informed about increasing its stake in railway PSU stock IRCTC. The stake in the Miniratna PSU of the railway sector has been increased from 7.278 per cent to 9.298 per cent.