LIC reduces stake in NMDC by 2%, now stands at 5.6% through market sales

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LIC reduces stake in NMDC by 2%, now stands at 5.6% through market sales - Business Standard

Quick Summary:

The insurer sold more than 5.91 crore shares or 2 per cent stake in NMDC through a series of market sales over a period spanning from September 2023 to December 2024, LIC said in a regulatory filing on Friday.

State-owned insurer Life Insurance Corp of India (LIC) has pared its stake in iron-ore producer NMDC Ltd by 2 per cent, according to an exchange filing.

LIC's holding in NMDC's equity shares carrying voting rights decreased from 22,31,79,025 shares, representing 7.6 per cent of the total voting capital, to 16,40,59,791 shares, accounting for 5.6 per cent, it added.