On 12 October, the state-run insurance major announced that it sold a 2 per cent stake in the state-run power transmission company.

The shareholdings of LIC in PGCI (Power Grid Corporation of India) which reduced to 23,01,82,028 from 36,99,02,170 equity shares and decreased its holding to 3.30 per cent from 5.303 per cent

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“There is a decrease of 2.003 per cent in holding during the period from 18 May 2022 to 11 October 2022,” LIC said.

At an open market at an average cost of Rs 220.40 per share, the shares were sold. The power grid company has been established by GOI as the transmission centre of India. Also, the Government of India (GOI) owned a 51.34 per cent stake in the company.

The company’s consolidated net profit tumbled 36.6 per cent to Rs 3,801.19 crore in the first quarter of FY23 as compared with Rs 5,998.28 crore recorded in the first quarter of FY22. The scrip was down by 0.53 per cent at Rs 214.45, whereas LIC’s stake was down by 0.55 per cent to Rs 612.