Life Insurance Corporation of India (LIC) disclosed that it decreased its stake in NMDC from 15.772% to 13.699%.
LIC sold 6,07,50,576 shares, or 2.073% equity, at an average cost of Rs 104.79 via open market sale during the period from 9 January 2018 to 29 December 2022.
NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As of 30 September 2022, the Government of India held 60.79% stake in the firm.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country. Shares of LIC debuted on the bourses on 17 May 2022. The scrip was listed at Rs 867.20, representing an 8.62% discount to the issue price of Rs 949.
Shares of LIC gained 2.51% to Rs 701.80 and NMDC rose 1.83% to Rs 125.35 on the BSE.
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