LIC pares 2% stake in NMDC for Rs 649 crore; stock zooms ~2%

22 Jun 2023 , 09:47 AM

Life Insurance Corporation of India has offloaded a 2% stake in state-run iron ore producer NMDC. The insurer has sold the stake for a consideration of Rs 649 crore.

Following this reduction, LIC will hold a 9.62% stake in NMDC.

LIC has sold over 6.06 crore shares or 2.07% stake in NMDC between March 14 and June 20 via open market transactions. The average price for the said transaction is Rs 107.59 per share.

In its regulatory filing, LIC informed the bourses that its shareholding in NMDC has reduced from the existing 11.69% to 9.62%.

NMDC Ltd. is an Indian government-owned corporation operating under the Ministry of Steel with its headquarters in Hyderabad. It is among the largest iron ore producer in the nation.

Following this development, LIC’s counter was trading 2.23% higher at Rs 650.23, against its previous close of Rs 636.05 on NSE. The counter touched an intraday high and low of Rs 651 and Rs 636.65 respectively.

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