LIC's share in NHPC comes down to 5.2% from 7.2% over seven months

Country's largest insurer LIC said its shareholding in hydro power generator NHPC has come down to 5.2 per cent on sell down of shares over a period of time for a consideration of Rs 700.79 crore

Country's largest insurer LIC on Wednesday said its shareholding in hydro power generator NHPC has come down to 5.2 per cent on sell down of shares over a period of time for a consideration of Rs 700.79 crore.

Corporation's shareholding in NHPC Ltd has diluted from 72,62,11,315 to 52,26,11,195 equity shares, decreasing the shareholding from 7.230 per cent to 5.203 per cent of the paid-up capital of the company, LIC said in a regulatory filing.

The state-owned insurer sold 20,36,00,120 shares of the company at an average price of Rs 34.42 apiece from March 17, 2022 to October 18, 2022.

The shares were sold in open market sale in the ordinary course of transaction, which is an investment function.

Listed companies are required to disclose about change in shareholding of 2 per cent and more.

NHPC is involved in generation and sale of bulk power to various power utilities.

Stock of LIC closed at Rs 607.15 apiece on BSE, down by 0.12 per cent; NHPC stock closed 4.29 per cent down at Rs 40.20.