Life Insurance Corporation of India (LIC) has hiked its stake in Tata Power to more than 12.6% by acquiring additional shares worth nearly Rs 427 crore over a period of four years. The state-owned insurer snapped up additional shares over a period starting from August 19, 2010 to October 16, 2014, through rights issue and open market.
During that period, LIC acquired 2.049% or more than 5.5 crore shares in Tata Power. These scrips have been valued at nearly Rs 427 crore.
With the additional stake buy, LIC’s shareholding in Tata Power has gone up to 12.633%. Prior to these acquisitions, LIC held 10.584% stake in the company.
Tata Power is India’s largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.
