Power Grid Corporation of India (PGCIL) has witnessed the country’s largest life insurer, Life Insurance Corporation of India (LIC) hiking its stake in the company. The public sector insurer purchased 2,00,000 shares, representing 0.004 percent stake, of the company, on November 28. With this acquisition, LIC's shareholding rose to 5.003 percent in the company.
LIC has bought the additional shares from the open market and were worth about Rs 1.95 crore. Prior to this acquisition, LIC held 4.999 percent stake in the power transmission entity.
Power Grid is into power transmission activities and is engaged in planning, coordination, supervision and control of inter-state transmission system.
