Life Insurance Corp sells 2.02% stake in Tata Power for Rs 2,888 crore

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Life Insurance Corp sells 2.02% stake in Tata Power for Rs 2,888 crore - Business Standard

Quick Summary:

Life Insurance Corporation (LIC) on Tuesday said it has sold more than 2.02 per cent stake in Tata Power Company for about Rs 2,888 crore and reduced its holding in the company to 3.88 per cent.

In a regulatory filing, LIC said the insurance behemoth has decreased its shareholding in Tata Power Company Ltd from 18,87,06,367 to 12,39,91,097, that is, 5.906 per cent to 3.881 per cent of the paid-up capital of the company.

At this price, LIC sold over 6.47 crore shares, or a 2.025 per cent stake, for Rs 2,888 crore.