LIC hikes stake in PFC to 5.01 pc

LIC has hiked its stake in Power Finance Corp to little over 5% after purchasing shares.

Life Insurance Corp has hiked its stake in Power Finance Corp (PFC) to a little over 5 per cent 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 per cent 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 per cent.

The details were disclosed by PFC in a regulatory filing to the Bombay Stock Exchange.

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Prior to the latest acquisition of shares,LIC had 4.997 per cent stake in PFC. Shares of PFC jumped three per cent to close at Rs 150.20 on the BSE.

PFC’s product portfolio includes project term loan,equipment lease financing and consultancy services,according to its website.

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