LIC dilutes 2% stake in Nagpur Power & Industries via open market sales

LIC has diluted its stake in Nagpur Power & Industries by over 2 per cent through open market sales, bringing down its stake to 8.33 per cent.

The government-owned life insurance behemoth in a regulatory filing on Thursday said its shareholding in Nagpur Power & Industries has diluted from 10.56 per cent (13,82,743 shares) to 8.33 per cent (10,90,747 shares) of the paid-up capital of the company.

There is a decrease of 2 per cent 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 per cent 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.

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.

Shares of LIC were trading at Rs 681.00 apiece on BSE, up 0.67 per cent from the previous close.