LIC offloads 2% in Power Finance Corporation

Life Insurance Corporation (LIC) of India sold 5.35 crore equity shares or 2.028% stake of Power Finance Corporation (PFCL) between 1 November 2017 and 17 February 2022.

Post transaction, LIC has decreased its shareholding in PFCL to 5.069% from 7.097% held earlier. The deal was executed as market sale.

PFCL's consolidated net profit jumped 23.5% to Rs 4,893.91 crore on a 4.2% increase in total income to Rs 19,215 crore in Q3 FY22 over Q3 FY21.

Shares of PFCL were up 0.13% at Rs 118.50 on BSE. PFCL is a leading power sector public financial institution and a non-banking financial company providing fund and non-fund based support for the development of the Indian power sector.

 

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