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LIC Cuts Stake In Tata Power By Over 2% Via Open Market Sales

The shares were sold at an average price of Rs 446.4 apiece between June 20 and Nov. 11, LIC said in a regulatory filing.

<div class="paragraphs"><p>The offloading of stake reduced LIC's shareholding in Tata Power from 18.87 crore shares to 12.39 crore shares, an exchange filing showed. (Photo source: Vijay Sartape/NDTV Profit)</p></div>
The offloading of stake reduced LIC's shareholding in Tata Power from 18.87 crore shares to 12.39 crore shares, an exchange filing showed. (Photo source: Vijay Sartape/NDTV Profit)

Life Insurance Corporation of India Ltd. has reduced its stake in Tata Power Co. from 5.906% to 3.881%, an exchange filing stated on Tuesday.

The state-run insurer sold more than 2% stake in the power firm for about Rs 2,888 crore, according to the regulatory filing. The stake was offloaded via open market sales between June 20 and Nov. 11, 2024.

The sale of stake reduced LIC's shareholding in Tata Power from 18.87 crore shares to 12.39 crore shares, the filing showed. The shares were sold at an average price of Rs 446.4 apiece, it added.

Tata Power, an arm of the salt-to-software conglomerate Tata Group, is majorly held by public shareholders. As per the shareholding pattern available with the BSE for the period ended Sept. 30, public shareholders own 53.1% stake in the company, whereas promoter entities owned 46.86%.

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