The Life Insurance Corporation of India (LIC) has reduced its shareholding in NMDC, the State-owned mining major, by 2 % points. As an institutional investor, LIC unloaded more than 5.88 crore shares of NMDC in the open market over a span of approximately two-and-a-half months, starting from the end of December.
LIC informed the stock exchange that it’s holding in NMDC decreased from 13.699% to 11.690%, a decline of 2.009 percentage points. The shares were sold at an average price of Rs 119.37 per share during the period from December 29 to March 14.
On the BSE, NMDC shares closed with a modest gain of under 1% on Wednesday, reaching Rs 116.90 per share. In terms of the number of shares, LIC’s holding in NMDC has diluted from 40,14,72,157 to 34,25,97,574 equity shares, as reported by LIC.
NMDC also filed a notification with the stock exchange regarding the change in LIC’s shareholding.
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