Life Insurance Corporation of India (LIC) has pared its stake in state-owned mining main NMDC to 9.62% by divesting 6.06 crore shares. From 11.69% on March 14, the holding has been lowered by two share factors in slightly over three months via open market sale at a median value of ₹107.59 per share, the insurer stated in a inventory change submitting.
On Wednesday, NMDC shares closed lower than 1% decrease at ₹106.70 apiece on the BSE. In phrases of variety of shares, LIC’s holding had dropped from 34,25,97,574 to twenty-eight,19,33,850 as on June 20.
A significant institutional investor, LIC had in March introduced the same 2% share factors discount in its holding in NMDC, to 11.69%. It then had unloaded greater than 5.88 crore shares of the miner, in the open market, over about two-and-a-half months from December finish.
