LIC pares 2% stake in NMDC for `649 crore

Life Insurance Corporation (LIC) has reduced its stake in iron ore producer NMDC to 9.62 per cent by selling a little over 2 per cent stake for about Rs 649 crore.

LIC sold over 6.06 crore shares or 2.07 per cent stake in NMDC between March 14 and June 20 at an average price of Rs 107.59 a share via open market sale. At this price, over 6.06 crore shares would be valued at around Rs 649 crore.

In a regulatory filing, LIC said its shareholding in NMDC has decreased from 11.69 per cent to 9.62 per cent.