LIC, which had 9.08 percent stake earlier, hiked its shareholding in the company to 12.98 percent by buying shares between July 25, 2014, and February 24, 2016, NTPC said in a filing to the BSE.

LIC's stake increase in NTPC includes its participation in this week's offer of sale (OFS) by the government.

Earlier this week, the government raised about Rs 5,030 crore from sale of its 5 percent stake in NTPC, with insurance companies getting almost two-third shares but retail participation was lukewarm amid a free-fall of stock markets.

The public issue of 41.22 crore equity shares was mostly lapped up by FIIs, insurance companies, mutual funds and HNIs, all of which came on the first day of OFS.

Shares of NTPC Ltd were trading at Rs 118.55 apiece, up 0.04 percent on the BSE in the afternoon trade.

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