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LIC increases stake in NMDC to 10%

By Religare

Life Insurance Corporation of India (LIC), the Insurance biggie announced that it has bought 7.98 crore shares, or 2.13 per cent of NMDC in turn taking its total stake in the iron ore miner to 10.12 per cent.

The insurance company's holding in the company is valued at over Rs 5,440 crore taking into account the current share price of NMDC at Rs 135.60 apiece

NMDC said in a regulatory filing to the BSE, "The shares have been purchased through open market acquisitions between September 20, 2014, and April 9, 2015"


Prior to this acquisition, LIC held 8.11 per cent stake in the iron-ore mining company.

Story first published: Monday, April 13, 2015, 13:10 [IST]
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