The Life Insurance Corporation of India (LIC) announced on Tuesday that it has sold more than a 2.02% stake in Tata Power Company Ltd amounting to approximately Rs 2888 crore. This sale has reduced LICs shareholding in Tata Power to 3.88%. LIC Shareholding In Tata Power Decreased  In a regulatory filing LIC revealed that it reduced its stake in Tata Power from 188706367 shares (equivalent to 5.906% of the paid-up capital) to 123991097 shares (equivalent to 3.881% of the paid-up capital). This decrease occurred over the period from June 20 2024 to November 11 2024. Company sold total shares over 6.47 crore which was around 2.025% of stake sold at an average sale price of Rs 446.402 per share for total sale value of Rs 2888 crore LICs Share Price Performance On the same day LIC shares closed 0.29% higher at ₹921.15 per share on the NSE contrasting with a 1.07% decline in the benchmark Nifty 50 index. LICs stock has shown strong performance over the past year with a gain of 50.95% over the last 12 months and an increase of 10.65% on a year-to-date basis. Tata Powers Shareholding Structure Tata Power a subsidiary of the Tata Group is predominantly held by public shareholders. As of the latest data available for the quarter ending September 30 2024 public shareholders own a 53.1% stake in the company while promoter entities hold 46.86%.Tata Power Company Limited is an Indian electric utility and electricity generation company based in Mumbai India and is part of the Tata Group. Noel Tata was recently appointed to the board of Tata Sons the group company that operates the Tata conglomerate.Noel Tata is the half-brother of the late Ratan Tata a well-known Indian business titan. Noel is the son of Naval Tatas second wife Simone Tata while Ratan Tata is the son of Navals first wife Sooni Commissariat. Ratan Tata led Tata Group for several years till his demise on 9th October 2024. LICs Financial Performance in Q2 FY24 Despite the sale of Tata Power shares LICs overall financial performance for the quarter ending September 30 2024 showed a 3.7% year-on-year decline in consolidated net profit which stood at Rs 7729 crore. However the company reported a 12% increase in net premium income reaching Rs 1.2 lakh crore. This strategic move by LIC to offload a portion of its stake in Tata Power reflects its efforts to optimize its investment portfolio while maintaining its strong position in the Indian insurance and financial markets.