The sale of two per cent stake or somewhat over 5.88 crore shares in open market has fetched over Rs 700 crore to LIC.
NMDC is engaged in exploration and manufacturing of iron ore.
Life Insurance Corporation (LIC) on Wednesday stated it has offered 2 per cent of its fairness stake in state-owned NMDC, taking its whole shareholding within the public sector unit to 11.69 per cent as of March 14.
In a regulatory submitting, LIC stated its holding in NMDC has decreased from 13.69 per cent to 11.69 per cent in the course of the interval between December 29, 2022 and March 14, 2023, at a median value of Rs 119.37 a share.
The sale of two per cent stake or somewhat over 5.88 crore shares in open market has fetched over Rs 700 crore to LIC.
“Corporation’s shareholding in NMDC Ltd has diluted from 40,14,72,157 to 34,25,97,574 fairness shares reducing its shareholding from 13.699 per cent to 11.690 per cent of the paid-up capital of the stated firm,” LIC said.
NMDC is engaged in exploration and production of iron ore.
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