Life Insurance Corp has hiked its stake in Power Finance Corp (PFC) to a little over 5% after purchasing additional shares worth over Rs 3.82 crore through open market purchases.
PFC, a leading lender for power projects, today said Life Insurance Corp (LIC) bought more than 2,64,667 shares or 0.020% stake valued at over Rs 3.82 crore.
With this transaction, which happened on September 5, LIC's total stake in the power sector lender has increased to 5.017%.
The details were disclosed by PFC in a regulatory filing to the Bombay Stock Exchange.
Prior to the latest acquisition of shares, LIC had 4.997% stake in PFC.
Shares of PFC jumped 3% to close at Rs 150.20 on the BSE.
PFC's product portfolio includes project term loan, equipment lease financing
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