Country's largest insurer Life Insurance Corporation ( LIC) has seen a marginal appreciation in its investment in oil major Oil & Natural Gas Corporation (ONGC) till March 31, 2012.
'The amount of money invested by LIC in ONGC shares till March 31, 2012, is Rs20,493.60 crore. The value of this investment as on March 31, 2012, is Rs21,752.91 crore,' Minister of State for Finance Namo Narain Meena said.
In March, the government had raised Rs12,767 crore through auctioning of ONGC shares, and LIC had subscribed to a huge chunk of the issue.
While the ONGC share sale was subscribed 98.3%, LIC had picked up over 84% of the shares on offer. The remaining was bought by institutional and retail investors.
Following this, LIC's stake in ONGC had gone up to 9.48%. As per the IRDA norms, insurers cannot hold more than 10% stake in any company.
In a separate reply, Ms Meena said the total outstanding investment of LIC in PSUs as on March 31, 2012, was in profit.
'The book value of the total outstanding investment as on March 31, 2012, was Rs59,116.36 crore and its market value was Rs59,851.16 crore,' Ms Meena added.
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'The amount of money invested by LIC in ONGC shares till March 31, 2012, is Rs20,493.60 crore. The value of this investment as on March 31, 2012, is Rs21,752.91 crore,' Minister of State for Finance Namo Narain Meena said.
In March, the government had raised Rs12,767 crore through auctioning of ONGC shares, and LIC had subscribed to a huge chunk of the issue.
While the ONGC share sale was subscribed 98.3%, LIC had picked up over 84% of the shares on offer. The remaining was bought by institutional and retail investors.
Following this, LIC's stake in ONGC had gone up to 9.48%. As per the IRDA norms, insurers cannot hold more than 10% stake in any company.
In a separate reply, Ms Meena said the total outstanding investment of LIC in PSUs as on March 31, 2012, was in profit.
'The book value of the total outstanding investment as on March 31, 2012, was Rs59,116.36 crore and its market value was Rs59,851.16 crore,' Ms Meena added.
....more info