LIC sells 2.09% stake in Mahanagar Gas in open market for Rs 314 crore

State-run insurer Life Insurance Corporation of India (LIC) has reduced its shareholding in Mahanagar Gas (MGL) from 9.03% to 6.94% via open market. It sold shares for Rs 1,521.31 apiece, which aggregates up to Rs 314 crore.

The current stake of 6.94% represents 68.54 lakh shares LIC holds in MGL.

Shares of MGL on Friday ended at Rs 1946.45 on the BSE, falling by Rs 17.85 or 0.91% while those of LIC were down by 4.10 or 0.40% at Rs 1,023.90.


MGL has rallied 90% in the last one year while its year-to-date returns stand at 61% versus Nifty's returns of 33% and 20%, respectively in the said period.

The company reported a 10% year-on-year decline in its June quarter consolidated revenue at Rs 1,701.4 crore versus Rs 1,887.1 crore reported by the company in the year-ago period. On a sequential basis, revenue was up by 2.6% versus Rs 1,656.7 crore posted in Q4FY24.

The consolidated net profit in the reported quarter stood at Rs 288.8 crore which was down by 22% YoY over Rs 368.4 crore reported by the company in the year ago period. On the quarter-on-quarter basis, the net profit jumped 14% versus Rs 252.3 crore reported in January-March quarter.