LIC sold 2% stake in Power Grid over 5 months

13 Oct 2022 , 09:45 AM

Over the last five months, LIC has sold more than 2% of its stake in Power Grid Corporation for a total of Rs3,079.43 crore, the insurer announced on Wednesday.

Between May 18, 2022, and October 11, 2022, holding decreased by 2.003%.

Listed firms must disclose any change in shareholding of more than 2% in accordance with Sebi regulations.

In a regulatory statement, LIC stated that the “Corporation’s investment in Power Grid Corporation has diluted from 36,99,02,170 to 23,01,82,028 equity shares decreasing its shareholding from 5.303% to 3.30% of the paid-up capital of the said firm.”

According to LIC, the shares were sold during the period through an open market sale in the regular course of business for an average price of Rs220.40 per share.

State-owned Power Grid provides consulting telecom and electric power transmission services.

The largest state-owned insurer in the nation, LIC, had its shares settle at Rs615.40 per share on the BSE, down 0.69%. Shares of Power Grid Corp. finished the day up 3.5% at Rs215.60.

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