LIC sells over 2 per cent stake in Powergrid for Rs 30.79 billion in five months

The Life Insurance Corporation of India (LIC) has sold over 2 per cent of its holding in Power Grid Corporation of India Limited (Powergrid) over the past five months for Rs 30.79 billion. The shares were sold at an average price of Rs 220.40 per share during the period through an open market sale in an ordinary course of transaction. LIC’s shareholding in Powergrid has fallen from 369,902,170 equity shares to 230,182,028, decreasing its shareholding from 5.303 per cent to 3.3 per cent of the paid-up capital of the company. There was a decrease of 2.003 per cent in its holdings during the period from May 18, 2022 to October 11, 2022.