Life Insurance Corporation of India (LIC), the country’s largest insurer, has acquired over 2% stake in the Rural Electrification Corporation (REC) taking its overall shareholding in the firm to more than 7%.
The country’s largest insurer has acquired an additional 2.023% stake in REC between September 2013 and June 2015 through the open market. Post acquisition, LIC’s stake in the state-owned REC has risen to 7.029%.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.
