Life Insurance Corporation of India (LIC) now holds over 107.05 crore shares or 12.98% stakes in NTPC, according to a stock exchange filing. (Reuters)

431064-lic-reuters
LIC’s stake has increased from 10.03% at the end of the December quarter following its participation in NTPC offer for sale (OFS).

State-run LIC bought nearly 60% of the NTPC shares sold by the government to raise Rs 5,030 crore through a disinvestment, taking its stake in the country’s largest power producer to 12.98%.

LIC’s stake has increased from 10.03% at the end of the December quarter following its participation in NTPC offer for sale (OFS) which happened on February 23-24. The insurer bought over 24.31 crore shares or 2.95% of NTPC during the OFS.

Life Insurance Corporation of India (LIC) now holds over 107.05 crore shares or 12.98% stakes in NTPC, according to a stock exchange filing.

The government had sold over 41.22 crore shares or 5% stakes in NTPC at a floor price of Rs 122 a piece.

Over 32.98 crore shares were offered to institutional buyers on February 23 while the remaining over 8.24 crore share were reserved for retail investors.

Although institutional investors’ portion was oversubscribed 1.8 times, the demand from retail investors was lacklustre with bids coming in for only 44% of the shares reserved for them. The unsubscribed portion of retailers was then offered to institutional buyers.

LIC has been salvaging the government’s public sector unit (PSU) stake sale plan. In August last year, it had bought nearly 90% of Indian Oil Corporation (IOC) shares sold by the government in its Rs 9,379-crore disinvestment.

On Friday, the stock of NTPC closed up 2.41% or Rs 2.85 at Rs 121.35 per scrip on the BSE.

Here best ideas for insurance Adviser you see daily new unique Technic and marketing strategy in this website great Idea for LIC insurance Team how to generate online and offline business Download Android application and registration free send bulk messages, database management services and more feature etc…

Source




  • Leave a Reply

    Your email address will not be published. Required fields are marked *