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Shares of Life Insurance Corporation of India ended at Rs 677.90, up by Rs 2.95, or 0.44 percent on the BSE.
Insurance behemoth Life Insurance Corporation of India (LIC) has divested over 2 percent stake in Nagpur Power & Industries Ltd through an open market transaction.
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The government-owned life insurer said its shareholding in Nagpur Power & Industries was 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.
Nagpur Power & Industries is a part of the Khandelwal Group of companies with business interests in various manufacturing and service industries. 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.
First Published: Aug 25, 2022 4:40 PM IST