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Hot Pursuit
22-Jun-23
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LIC pares stake in NMDC
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Life Insurance Corporation of India (LIC) disclosed that it decreased its stake in NMDC from 11.690% to 9.620%.
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LIC sold 6,06,63,724 shares, or 2.070% equity, at an average cost of Rs 107.59 via open market sale during the period from 14 March 2023 to 20 June 2023.
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 gained 2.22% to Rs 650.35 and NMDC rose 0.05% to Rs 106.75 on the BSE.
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