State-owned insurer Life Insurance Corp of India (LIC) has divested its stake in steel producer NMDC Ltd by 2 percent, according to an exchange filing. After the stake sale, LIC’s holding in state-owned iron ore mining company NMDC has come down to 5.6 percent from 7.6 percent earlier.
The insurer has sold over 5.91 crore shares or 2 percent of 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 NMDC shares carrying voting rights decreased from 22,31,79,025 shares, representing 7.6% of the total voting rights, to 16,40,59,791, representing 5.6%.
Last month, LIC said it has sold over 2.02 percent stake in Tata Power for about Rs 2,888 crore and reduced its holding in the company to 3.88 percent.
Shares of NMDC on Friday fell 2.91 percent to close at Rs 233.70 apiece on the BSE.
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