LIC sells 2% stake in NMDC between December and March, garners over Rs 700 crore

New Delhi: Life Insurance Corporation (LIC) on Wednesday said it has sold 2 per cent of its equity stake in state-owned NMDC, taking its total shareholding in the public sector unit to 11.69 per cent as of March 14.

In a regulatory filing, LIC said its holding in NMDC has decreased from 13.69 per cent to 11.69 per cent during the period between December 29, 2022 and March 14, 2023, at an average price of Rs 119.37 a share.

The sale of 2 per cent stake or a little 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 equity shares decreasing its shareholding from 13.699 per cent to 11.690 per cent of the paid-up capital of the said company," LIC said.

NMDC is engaged in exploration and production of iron ore.