Life Insurance Corporation of India, the country’s largest money manager, has raised its stake in Indraprastha Gas Ltd by over 2 per cent to become the third largest shareholder in the company.
LIC had last week acquired 2.95 million equity shares of IGL — the firm that sells CNG in the national capital, from the open market to increase its shareholding in the company from 5.097 per cent to 7.204 per cent, according to disclosures made by IGL to the stock exchanges.
Prior to this, the nation’s largest life insurer held 7.13 million shares of IGL.
GAIL India Ltd, the nation’s largest gas distributor, and state refiner Bharat Petroleum Corp Ltd (BPCL) hold 22.5 per cent stake each in IGL, while the Delhi Government has 5 per cent equity.
LIC’s acquisition of 2.107 per cent additional shares has made it the third largest shareholder in IGL. Prior to this, Allard Partners Ltd with 5.93 per cent shares was the third largest shareholder. HDFC Standard Life Insurance Co Ltd holds 4.78 per cent stake in the firm.
IGL retails compressed natural gas or CNG to automobiles and piped cooking gas to households in Delhi and its adjoining towns — Noida, Greater Noida and Ghaziabad.
It has over 8,500 km of gas pipeline network and 296 CNG stations that cater to over 7.5 lakh vehicles and over 4.3 lakh households Delhi and adjoining towns.