LIC offloads 2.02% stake in Tata Power for Rs 2,888 crore

Life Insurance Corporation (LIC) has sold more than 2.02% of its stake in Tata Power Company for about Rs 2,888 crore and reduced its holding to 3.88%. In a regulatory filing, LIC said the insurance behemoth has decreased its shareholding in Tata Power Company Ltd from 18,87,06,367 to 12,39,91,097, that is, 5.90% to 3.881% of the company's paid-up capital.

The shares were sold between June 20, 2024, and November 11, 2024, at an average price of Rs 446.402 apiece through an open market sale.

At this price, LIC sold over 6.47 crore shares, or a 2.025% stake, for Rs 2,888 crore. Shares of LIC closed at Rs 921.45 apiece, up 0.32% over the previous close on BSE.

Read Also : Minister Pralhad Joshi Flags Off 10 Battery-Operated Vehicles at Jagannath Temple