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India’s largest life insurer, LIC on Wednesday announced that it has diluted its stake in the power-generating firm, NHPC. The insurer reduced its shareholding in NHPC by 2.017% in a series of tranches.
As per the regulatory filing, LIC diluted its shareholding to 3,19,981,616 equity shares in NHPC, representing 3.186% in the latter.
Earlier, LIC’s stake stood at 5,22,611,195 equity shares or 5.203% in NHPC.
That being said, LIC offloaded about 2.017% in NHPC.
The sale was carried in the open market from October 18, 2022, to May 23, 2023. The average price of the sale was ₹41.10 per share in NHPC which is at a discount compared to the current market price.
On Wednesday, NHPC’s share price stood at ₹42.97 apiece down by 0.37% on BSE. The stock traded in the range of ₹43.58 apiece to ₹42.85 apiece. Its market cap is over ₹43,163 crore.
NHPC is primarily involved in the generation and sale of bulk power to various Power Utilities.
Meanwhile, LIC share price closed at ₹593.55 apiece up by 0.61%.
NHPC will announce its financial results for Q4 of FY23 on May 29th.
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