New Delhi: Life Insurance Corp has hiked its stake in Tata Power to more than 12.6 percent by acquiring additional shares worth nearly Rs 427 crore over a period of four years.
The state-owned insurer snapped up additional shares over a period starting from August 19, 2010 to October 16, 2014, through "rights issue and open market".
During that period, LIC acquired 2.049 percent or more than 5.5 crore shares in Tata Power. These scrips have been valued at nearly Rs 427 crore, according to a regulatory filing today.
With the additional stake buy, LIC's shareholding in Tata Power has gone up to 12.633 percent, as per the filing made by the power producer.
Prior to these acquisitions, LIC held 10.584 percent stake in the company.
An integrated power company, Tata Power has an installed generation capacity of 8,613 MW in the country.
Shares of Tata Power gained nearly two percent to close at Rs 86.80 on the BSE.
