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LIC invests Rs 40,000 cr in equities in FY '09

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Agencies

Posted: Mar 19, 2009 at 1500 hrs IST

Mumbai The country's largest insurer, Life Insurance Corporation of India (LIC), has invested Rs 40,000 crore in equity so far this fiscal, exceeding its total equity exposure of the last financial year.

"For the eleven months ended February 2009, we have invested Rs 40,000 crore in equities. Equity investments in FY '09 have exceeded the total equity investments made last fiscal," a top LIC official said in Mumbai.

LIC's investment in stock markets every year is around 8-9 per cent of its total premium collection, the official said, adding, "(The) banking sector remains appealing to us."

The state-run insurer recently invested in three large companies, including State Bank of India, taking into account "an attractive valuation and good investment prospects".

The insurance giant picked up a 2.11 per cent stake in SBI for Rs 1,484.12 crore, taking is total shareholding in India's largest bank to 9.16 per cent (4.94 crore shares).

It acquired a 2.86 per cent stake in Indian Overseas Bank (IOB), also a government lender, for Rs 57.65 crore and a 2.18 per cent in private firm Cummins India for Rs 72.22 crore.

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