LIC sells over 2% stake in Power Grid for Rs 3,079 crore in 5 months

LIC has sold over 2 per cent of its holding in Power Grid Corporation over the past five months for Rs 3,079.43 crore, the insurer said on Wednesday.

There is a decrease of 2.003 per cent in holding during the period from May 18, 2022 to October 11, 2022.

As per regulatory requirement by Sebi, listed companies have to disclose about change in shareholding of 2 per cent and above.

"Corporation's shareholding in Power Grid Corporation has diluted from 36,99,02,170 to 23,01,82,028 equity shares decreasing its shareholding from 5.303 per cent to 3.3 per cent of the paid-up capital of the said company," LIC said in a regulatory filing.

The shares were sold at an average price of Rs 220.40 per share during the period through an open market sale in an ordinary course of transaction, LIC said.

State-owned Power Grid is engaged in electric power transmission, telecom and consultancy services.

Shares of the country's largest state-owned insurer, LIC, closed at Rs 615.40 apiece on BSE, down by 0.69 per cent. Power Grid Corp shares ended 3.5 per cent up at Rs 215.60.