Life Insurance Corporation of India (LIC) has announced an increase in stake in Tech Mahindra from 4.863 per cent to 6.874 per cent. The company has bought 1,95,81,049 shares, or 2.011 per cent equity, at an average cost of Rs 1,042.24 via open market purchase from 30 November 2021 to 21 November 2022.

Tech Mahindra is focused on leveraging next-generation technologies, which include 5G, cybersecurity, blockchain, and artificial intelligence, to enable end-to-end digital transformation for global customers.

More than 65 years old, the company has been providing life insurance in India. On 17 May 2022, LIC debuted on the bourses; the scrip was listed at Rs 867.20, representing an 8.62 per cent discount to the issue price of Rs 949. On BSE, LIC fell 0.41 per cent at Rs 623.15, whereas Tech Mahindra shed 0.15 per cent to Rs 1,049.50.