LIC pares 2% stake in NMDC for Rs 649 cr

New Delhi: Life Insurance Corporation (LIC) has reduced its stake in iron ore producer NMDC to 9.62 per cent by selling a little over 2 per cent stake for about Rs 649 crore.

The state-owned insurer sold over 6.06 crore shares or 2.07 per cent stake in NMDC between March 14 and June 20 at an average price of Rs 107.59 a share via open market sale. At this price, over 6.06 crore shares would be valued at around Rs 649 crore. In a regulatory filing, LIC said its shareholding in NMDC has decreased from 11.69 per cent to 9.62 per cent.