LIC hikes stake in ONGC to 5 pc

MUMBAI: Life Insurance Corporation of India (LIC) has hiked its stake in state-run Oil and Natural Gas Corporation (ONGC) to 5 per cent. In a filing to the Bombay Stock Exchange, the oil and gas major said LIC has increased its stake in the company from 4.99 per cent to 5 per cent.

The aggregate number of shares held by LIC as on January 19, 2010 is 10.71 crore equity shares of ONGC, it added. However, the filing did not elaborate on financial details and mode of transaction.

Shares of ONGC today closed at Rs 1,119.35, up marginally by 0.40 per cent on the BSE..