LIC Sheds Stake in Tata Power for Rs 2,888 Crore

Life Insurance Corporation announced its sale of over 2.02% stake in Tata Power, valuing the transaction at approximately Rs 2,888 crore. This sale reduced LIC's holding in Tata Power to 3.88%. The transaction took place over several months, with shares sold at an average price of Rs 446.402 each.

Life Insurance Corporation (LIC) has announced a major reduction in its stake in Tata Power Company, cutting its ownership by more than 2.02% and bringing in approximately Rs 2,888 crore from the sale.

According to a regulatory filing, LIC's shareholding in Tata Power decreased from 18,87,06,367 shares to 12,39,91,097 shares, dropping from 5.906% to 3.881% of the paid-up capital.

These shares were sold at an average price of Rs 446.402 each through an open market sale between June 20 and November 11, 2024. LIC shares closed at Rs 921.45, marking an increase of 0.32% on BSE.

(With inputs from agencies.)