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

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