India: LIC Ups Stake in ONGC

ONGC of India said in a filing to the stock exchange that the Life Insurance Corporation of India (LIC) has bought 377.10 million shares, or 4.41 percent of the company.

LIC has increased its stake in ONGC to 9.475 percent from 5.1 percent earlier.

The government, which offered a 5 percent stake in ONGC through a share auction last week, raised $2.57 billion after selling 98.3 percent of the shares on offer.

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LNG World News Staff, March 5, 2012; Image: ONGC