Mutual funds raised their overall stakes in Power Grid Corporation of India in the quarter ended June, as per the firm's latest shareholding data.

What Happened: Mutual funds increased their shareholding in Power Grid to 11.61% at the end of the first quarter, up from 10.91% in the quarter ended March. Parag Parikh Dynamic Asset Allocation Fund slightly increased its stake to 1.56% from 1.55% in the last quarter.

Among the major mutual funds, ICICI Prudential Large & Mid Cap Fund held 1.32% of the company, Nippon Life India Trustee Ltd owned 3.07% and SBI Arbitrage Opportunities Fund had 2.28%.

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India's biggest insurance firm, LIC, increased its shareholding to 2.30% from 2.27%. At the end of June, LIC held over 21.40 crore shares of the company, up from 21.07 crore in the previous quarter.

On the other hand, foreign portfolio investors trimmed their holdings in the company to 28.73% from 29.83%. Promoter holding remained unchanged at 51.34% in the June quarter.

Headquartered in Gurugram, the company is engaged mainly in the transmission of bulk power across different states of India.

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