LIC buys 60% of NTPC's shares on offer; ups stake to 12.98%

State-run LIC bought nearly 60 per cent of the NTPC shares sold by the government to raise Rs 5,030 crore through disinvestment, taking its stake in the country's largest power producer to 12.98 per cent.
LIC's stake increased from 10.03 per cent at the end of the December quarter following its participation in NTPC offer for sale (OFS) which happened on February 23-24.
The insurer bought over 24.31 crore shares or 2.95 per cent of NTPC during the OFS.
LIC now holds over 107.05 crore shares or 12.98 per cent stake in NTPC, according to a stock exchange filing.
The government had sold over 41.22 crore shares or 5 per cent stake in NTPC at a floor price of Rs 122 a piece.

Over 32.98 crore shares were offered to institutional buyers on February 23, while the remaining over 8.24 crore share were reserved for retail investors.
Although institutional investors' portion was over subscribed 1.8 times, the demand from retail investors was lacklustre with bids coming in for only 44 per cent of the shares reserved for them. The unsubscribed portion of retailers were then offered to institutional buyers.
LIC has been salvaging the government's PSU stake sale plan. In August last year it had bought nearly 90 per cent of Indian Oil shares sold by the government in its Rs 9,379-crore disinvestment.