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LIC picks up third of Nalco shares divested by Centre

State-run insurer Life insurance Corporation of India (LIC) has picked up Nalco's 5.25 crore shares, or one-third of the 15.69 shares the government divested last week, through the offer for sale (OFS) route.

The government had on 15 March raked in over Rs 620 crore through sale of its six per cent stake in the Odisha-based aluminium producer Nalco.

Life Insurance Corporation of India, which had 5.04 per cent stake in Nalco, bought additional 5,24,82,219, or 2.036 per cent, stake through the OFS, Nalco said in a Bombay Stock Exchange (BSE) filing.

Following this,  Life insurance Corporation of India now holds 182,365,523 shares or 7.076 per cent stake in the company.
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