LIC offloads 2% in Power Finance Corporation
Life Insurance Corporation (LIC) of India sold 5.35 crore shares or 2.028% stake of Power Finance Corporation (PFCL) between November 1, 2017 and February 17, 2022.
After the transaction, LIC reduced its stake in PFCL to 5.069%, down from 7.097% previously. The deal was executed as a market sale.
PFCL’s consolidated net profit jumped by 23.5% to Rs 4,893.91 crore on a 4.2% increase in total revenue to Rs 19,215 crore in Q3 FY22 compared to Q3 FY21.
Shares of PFCL rose 0.13% to Rs 118.50 on BSE. PFCL is a leading public financial institution in the power sector and a non-banking financial company providing financial and non-financial support to the development of the Indian power sector.
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First published: Monday, February 21, 2022. 11:53 a.m. IST