LIC Reduces Stake In Midcap Navratna PSU Company

In a recent development, today, 21st June 2023, Life Insurance Corporation of India (LIC) informed the exchange that it has reduced the shareholding in "NMDC LTD" from 34,25,97,574 to 28,19,33,850 Equity Shares decreasing its shareholding from 11.690% to 9.620% of the paid-up capital of the said Company.

LIC Decreased Its Shareholding From 11.690% to 9.620%

The company in a regulatory filing informed, "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that Corporation's shareholding in "NMDC LTD" has decreased from 34,25,97,574 to 28,19,33,850 Equity Shares decreasing its shareholding from 11.690% to 9.620% of the paid-up capital of the said Company."

NMDC Stock Movement

Post announcement, the shares of NMDC closed at Rs. 106.75 apiece, down 0.42% from its previous close of Rs. 107.20 apiece. In 1 week, it declined 2.02%, however, it jumped 1.04% in 1 month. The stock in the past 1 year declined 1.66%. It gave 29.47% positive return in 3 years, It has fallen 0.51% in 5 years.

About - NMDC Ltd.

NMDC is India's largest producer of iron ore incorporated in 1958 as a Government of India public enterprise. The company comes under the administrative control of the Ministry of Steel, Govt. of India. Since its inception, the company has been involved in the exploration of a wide range of minerals including copper, rock phosphate, limestone, magnesite, diamond, tungsten and beach sands amongst others in some of the most remote corners of the country.