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LIC sells 2.15% stake in ICRA; total holding now at 5.8%

September 8, 2021 12:41 PM

LIC sells 2.15% stake in ICRA; total holding now at 5.8%
LIC sells 2.15% stake in ICRA; State-owned Life Insurance Corporation of India (LIC) has sold 2.154 per cent stake or 2,07,878 shares.

LIC sells 2.15% stake in ICRA; State-owned Life Insurance Corporation of India (LIC) has sold 2.154 per cent stake or 2,07,878 shares in ratings agency ICRA Ltd. The insurer’s holding in the ratings agency has now fallen to 5.811 per cent or 5,60,863 shares. Before the stake sale, LIC’s shareholding in ICRA stood at 7.965 per cent.

LIC made the disclosure under SEBI’s SAST Regulations, which require companies and persons holding over 5 per cent shares in a listed company to inform about acquisition or sale of shares.

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Last week, LIC had picked up nearly 4 per cent (15,90,07,791 shares) stake in Bank of India through an open market transaction. Before the acquisition, LIC held over 3.17 per cent stake in the state-owned bank. The bank said that LIC’s stake in it increased to 7.05 per cent, equivalent to 28,92,87,324 shares, after the acquisition of additional shares.

ICRA’s credit ratings are symbolic representations of its current opinion on the relative credit risks associated with the rated debt obligations/issues. These ratings are assigned on an Indian (that is, national or local) credit rating scale for Indian Rupee denominated debt obligations. ICRA ratings may be understood as relative rankings of credit risk within India.

LIC sells 2.15% stake in ICRA,  ICRA ratings are not designed to enable any rating comparison among instruments across countries; rather, these address the relative credit risks within India.

ICRA’s ratings (other than Structured Finance Ratings) in the investment grade convey the relative likelihood of default, i.e., the possibility of the debt obligation not being met as promised. All other ratings, including Structured Finance Ratings, reflect both the probability of default and the severity of loss on default, i.e., the expected loss against the rated debt obligation.

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