LIC has received Rs 700 crore from the sale of 2 per cent stake or a little over 5.88 crore shares in the open market.
NMDC is engaged in exploration and production of iron ore.
Life Insurance Corporation (LIC) on Wednesday said it has sold its 2 per cent equity stake in state-owned NMDC, taking its total holding in the public sector unit to 11.69 per cent as on March 14.
In a regulatory filing, LIC said its stake in NMDC stands reduced from 13.69 per cent to 11.69 per cent between December 29, 2022 and March 14, 2023 at an average price of Rs 119.37 per share.
LIC has received Rs 700 crore from the sale of 2 per cent stake or a little over 5.88 crore shares in the open market.
“The shareholding of the Corporation in NMDC Limited stands reduced from 40,14,72,157 to 34,25,97,574 equity shares, which has reduced from 13.699 per cent to 11.690 per cent of the paid-up capital of the said company,” LIC said.
NMDC is engaged in exploration and production of iron ore.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)