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LIC Sells 2.02% Stake in Tata Power for Rs 2,888 Crore.

Economy Business | Dated: 21 Nov 2024

Life Insurance Corporation of India (LIC) sold more than 2.02% stake in Tata Power Company Limited for approximately Rs 2,888 crore. This strategic move reduces LIC's shareholding in Tata Power from 5.906% (18,87,06,367 shares) to 3.881% (12,39,91,097 shares) of the company's paid-up capital. Details of the Sale:

🎯 Key Highlights:

  • - Number of Shares Sold: LIC sold over 6.47 crore shares, amounting to a 2.025% stake
  • - Average Sale Price: The shares were sold at an average price of Rs 446.402 each.
  • - Sale Period: The transactions were made between June 20, 2024, and November 11, 2024.

💡 Other Important Facts:

  • (i) Tata Power, an Indian electric utility and generation company based in Mumbai, Maharashtra, is part of the Tata Group.
  • (ii) As of September 30, 2024, public shareholders own 53.1% of the company, while promoter entities hold 46.86%.

📚 Test Your Knowledge:

Recently, LIC sold its 2.02% stake in Tata Power for how much amount?

Correct Answer: 2,888 crore

🚀 Quick Recap: