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

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Life Insurance Corporation (LIC) reduced its stake in iron ore producer NMDC to 9.62 per cent by selling just over 2 per cent stake for approximately Rs.649 crore.

The state-owned insurer sold over Rs 6.06 crore shares or 2.07 per cent stake in NMDC between March 14 and June 20 at an average price of Rs 107.59 per share via sale in the open market.

At this price, over Rs 6.06 crore shares will be valued at around Rs 649 crore.

In a regulatory filing, LIC said its stake in NMDC had fallen from 11.69 percent to 9.62 percent.

(Only the title and image for this report may have been reworked by the Business Standard team; the rest of the content is generated automatically from a shared feed.)

First published: June 21, 2023 | 11:26 p.m ist