LIC reduces shareholding in PowerGrid to 3.3%

The state-run insurance major on Wednesday (12 October 2022) announced that it sold 2% stake in the state-run power transmission company.

Life Insurance Corporation of India (LIC)'s shareholding in Power Grid Corporation of India has reduced from 36,99,02,170 to 23,01,82,028 equity shares, decreasing its shareholding from 5.303% to 3.30%.

"There is a decrease of 2.003% in holding during the period from 18 May 2022 to 11 October 2022," LIC said in the filing.

The shares were sold in the open market at an average cost of Rs 220.40 per share.

Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. As of 30 June 2022, the Government of India owned a 51.34% stake in the company.

On consolidated basis, Power Grid Corporation of India's net profit tumbled 36.6% to Rs 3,801.19 crore in Q1 FY23 as against Rs 5,998.28 crore recorded in Q1 FY22.

Shares of Power Grid Corporation of India were down 0.53% at Rs 214.45 while shares of LIC were down 0.55% to Rs 612.

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