New Delhi: Life Insurance Corporation (LIC) has reduced its stake in iron ore producer NMDC to 9.62 percent by selling a little over two percent stake for about Rs 649 crore. The state-owned insurer sold over 6.06 crore shares or 2.07 percent stake in NMDC between March 14 and June 20 at an average price of Rs 107.59 a share via open market sale.
At this price, over 6.06 crore shares would be valued at around Rs 649 crore. In a regulatory filing, LIC said its shareholding in NMDC has decreased from 11.69 percent to 9.62 percent.
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