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Friday, January 22, 2010

LIC buys 2% in Essar Oil for Rs 309 cr

State-run life insurer LIC has acquired nearly two per cent stake in Essar Oil for Rs 309.4 crore through open market transactions today.

Life Insurance Corporation (LIC) has bought 2.21 crore representing 1.83 per cent stake in Essar Oil shares at the rate of Rs 140 a piece through a block deal on the National Stock Exchange, sources said.

Shares of Essar Oil plunged over six per cent to a low of Rs 138.60 in the afternoon trade on NSE. Over 2.64 crore shares changed hands on the NS
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