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

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.

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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