LIC pares 2% stake in NMDC for Rs 649 cr, brings down holding to 9.62% PSU Watch Archives
News Updates

LIC pares 2% stake in NMDC for Rs 649 cr, brings down holding to 9.62%

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

PTI

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.

Also read:Govt likely to invite financial bids for privatising NMDC Steel after commissioning blast furnace

Over 6.06 cr shares would be valued at around Rs 649 cr

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.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

Also Read

NALCO posts record Rs 1,601 crore net profit in Q3 FY26; nine-month profit touches all-time high of Rs 4,098 crore

If firm profits more from its scale, it has to bear more responsibility for environmental costs: SC

BoB Q3 net profit inches up 4.39%, lowers FY26 credit costs as asset quality holding up

SAIL Q3 net profit more than doubles to Rs 374 crore

NHPC to begin commercial operation of 250 MW unit at Subansiri hydro project on Sunday