LIC dilutes stake in Nagpur Power & Industries

LIC has diluted its stake in Nagpur Power & Industries by over 2 percent through open market sales, bringing down its stake to 8.33 percent
LIC dilutes stake in Nagpur Power & Industries
LIC dilutes stake in Nagpur Power & Industries

New Delhi: Life Insurance Corporation of India (LIC) has diluted its stake in Nagpur Power & Industries by over 2 percent through open market sales, bringing down its stake to 8.33 percent.

The government-owned life insurance behemoth in a regulatory filing on Thursday said its shareholding in Nagpur Power & Industries has diluted from 10.56 percent (13,82,743 shares) to 8.33 percent (10,90,747 shares) of the paid-up capital of the company.

There is a decrease of 2 percent in holding during the period from September 30, 2021, to August 24, 2022, at an average cost of Rs 58.94, LIC said.

Listed companies are required to disclose the shareholding where there is a change of 2 percent or more.

Calculated at the average price of Rs 58.94 per share, the sale is valued at Rs 1.72 crore.

Nagpur Power & Industries has a market capitalisation of Rs 87.74 crore.

The company was primarily in the metal recovery business, producing low Ferro manganese. However, it disposed of the recovery plant and entered the electrical sector a few years ago through its subsidiary.

Shares of LIC were trading at Rs 681.00 apiece on BSE, up 0.67 percent from the previous close.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

logo
PSU Watch
psuwatch.com