LIC trims ownership in Nagpur Power -; Industries

26 Aug 2022 , 08:38 AM

Through open market sales, LIC reduced its ownership of Nagpur Power & Industries by almost 2%, bringing its stake to 8.33%. The government-owned giant of life insurance reported on Thursday that its ownership in Nagpur Power & Industries had decreased from 10.56% (13,82,743 shares) to 8.33% (10,90,747 shares) of the company’s paid-up capital.

From September 30, 2021, to August 24, 2022, holdings decreased by 2% at an average price of Rs58.94, according to LIC.

When there is a change of 2% or more in the shareholding, listed firms are required to notify it. The sale is valued at Rs1.72 crore based on an average price of Rs58.94 per share.

The market value of Nagpur Power & Industries is Rs87.74 crore.

The company produced low Ferro manganese and focused mostly on metal recovery. However, it sold the recovery facility and, a few years ago, through a subsidiary, entered the electrical industry.

Shares of LIC were up 0.67% from the previous close, trading at Rs681.00 a share on the BSE.

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