Life Insurance Corporation of India (LIC) has announced to increase in its stake in Indian Railway Catering and Tourism (IRCTC) from 5.005% to 7.278% from 5.005%. Total 1,81,80,323 shares or 2% equity, at an average cost of Rs 692.28 via open market purchase to December 16, from October 17.

IRCTC is a public sector company under the administrative control of the Ministry of Railways that provides catering services, online train tickets and packaged drinking water to the railways at railway stations and trains in India. LIC has provided life insurance in India to a person older than 65 years.

On May 17, LIC’s shares debuted on the bourses, and the scrip was listed at Rs 867.20, which shows an 8.62% at a discounted price of Rs 949. 

However, on the BSE market, LIC’s stake went up 1.51% at Rs 745.65, and IRCTC jumped 0.73% to Rs 671.70.

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