State-owned insurer Life Insurance Corporation of India (LIC) has reduced its stake in iron-ore producer NMDC Ltd by 2 per cent, according to an exchange filing. After the stake sale, LIC’s holding in state-run iron ore mining company NMDC has come down to 5.6 percent from 7.6 percent earlier.
The insurer sold over 5.91 crore shares or 2 per cent stake in NMDC through a series of market sales in the period from September 2023 to December 2024, LIC said in a regulatory filing on Friday.
LIC’s holding in equity shares of NMDC carrying voting rights has declined from 22,31,79,025 shares representing 7.6 per cent of the total voting capital to 16,40,59,791 shares, representing 5.6 per cent.
Last month, LIC said it had bought over 2.02 per cent stake in Tata Power for Rs. 2,888 crore and reduced its holding in the company to 3.88 percent.
Shares of NMDC fell 2.91 percent on the BSE on Friday to Rs. closed at 233.70.
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