LIC, Government of Singapore hike stake in Reliance

State-run Life Insurance Corp of India (LIC) and the Government of Singapore have increased their stakes in Mukesh Ambani-led Reliance Industries ltd (RIL) to 7.77 per cent and 1.22 per cent, respectively during the quarter ended 30 June 2012.

LIC and the government of Singapore together have purchased shares worth over Rs1,550 crore during the quarter.

LIC held 7.09 per cent equity stake in RIL before the purchase while the Government of Singapore held a 1.06 per cent stake in the oil giant.

While LIC is expected to have bought shares worth Rs1,450 crore, the Government of Singapore should have bought shares worth Rs100 crore

LIC's total holding in RIL now stands at about Rs25.2 crore, up Rs2 crore from the previous quarter, while Singapore government's holding has risen by more than Rs15 lakh to Rs3.94 crore.

Private equity Franklin Templeton Investment Funds, meanwhile, reduced its holding in RIL by a marginal 1.22 per cent to 4.26 lakh share worth about Rs31 crore.