LIC increases stake in NTPC to 14.25%

India Infoline News Service | Mumbai | September 01, 2017 09:40 IST

Life Insurance Corporation of India (LIC) now commands 14.24% stake in NTPC.

NTPC
Life Insurance Corporation of India (LIC) now commands 14.24% stake in NTPC, a day after the government raised about Rs 9,100 crore by selling 7% stake via an offer-for-sales (OFS).

LIC has increased its stake from 11.15% to 14.24%. Based on the floor price of Rs 168, LIC’s investment stands at around Rs 4,275 crore, which is nearly half of the total amount raised by the government. LIC acquired 25.44 crore shares or 3.08% of the total paid up capital of the company.

The OFS received bids for 54.8 crore shares, against 82.4 crore shares on offer including the green shoe option. Government’s shareholding in NTPC is expected to have come down to 63.1% from 69.74% post the OFS.

The government expects to raise Rs 72,500 crore in FY18 through a mix of minority stake sale, strategic divestments and through the listing of state-owned companies. NHPC, HCL, NBCC, MOIL, and BEL were among the companies in which the government sold stakes.

NTPC is engaged in the generation and sale of electricity. The principal business activity of the company is the electric power generation by coal-based thermal power plant. The company has an installed capacity of 47,178 megawatts (MW), including joint ventures (JVs) with over 18 coal-based, seven gas-based stations and one hydro -based station. 

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