New Delhi: State-owned Life Insurance Corporation (LIC) said in a regulatory filing on Wednesday that it has diluted its shareholding in NMDC Ltd from 40,14,72,157 to 34,25,97,574 equity shares which decreased its shareholding from 13.69 percent to 11.69 percent of the paid-up capital of the company.
The filing also noted that the market capitalisation of NMDC is Rs 34,288.09 crores. It further said that the corporation's holding has decreased from 13.69 percent to 11.69 percent, registering a decrease of 2.009 percent during the period from December 29, 2022 to March 14 at an average price of Rs 119.37. The transaction took place via open market sale, it added.
As per the filing, the corporation decreased its shareholding for investment purposes and was done in the ordinary course of action. The acquisition does not require any government or regulatory clearances.
"The acquisition would not be a related party transaction because the promoter/promoter group/group firms have no stake in the entity being acquired," the filing added.
The corporation also shared a brief profile of NMDC, stating that "NMDC is engaged in exploration and production of Iron Ore along with Diamond, production and sale of Sponge Iron and generation and sale of Wind Power."
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