Life Insurance Corporation (LIC) has sold more than 2.02 per cent stake in Tata Group's Tata Power for about Rs 2,888 crore and reduced its holding in the company to 3.88 per cent. In a regulatory filing, the state-owned 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, 5.906 per cent to 3.881 per cent of the paid-up capital of the company.
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 per cent stake, for Rs 2,888 crore. Shares of LIC closed at Rs 900.20 apiece on NSE on Wednesday. Tata Power is an Indian electric utility and electricity generation company based in Mumbai. Its market cap stands at Rs 1.28 lakh crore, as of November 13.
(Except for the headline, this story has not been edited by DNA staff and is published from PTI)
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