Life Insurance Corporation (LIC) has bought 2.38 per cent government stake in RITES through secondary market purchases, taking its total stake in the railway public sector undertaking to 7.83 per cent. LIC has acquired 59.49 lakh shares, or 2.38 per cent stake, in the company though an offer-for-sale (OFS) between November 22, 2019 and February 27, 2020.
The government on February 27 launched an OFS for selling up to 10 per cent stake in RITES. The floor price for the OFS was fixed at Rs 298 a share. At this price, LIC has purchased shares worth about Rs 177 crore in RITES. Following this, LIC's holding in RITES has gone up to 7.83 per cent from 5.45 per cent.
RITES is a multi-disciplinary consultancy organization in the fields of transport, infrastructure, and related technologies. It provides a comprehensive array of services under a single roof and believes n transfer of technology to client organizations.
