Life Insurance Corporation of India pares 2% stake in NMDC

State-owned insurer Life Insurance Corp of India (LIC) has pared its stake in iron-ore producer NMDC Ltd by 2 per cent, according to an exchange filing. After the stake sale, LIC's holding in the state-run iron ore mining company NMDC has dropped to 5.6 per cent from 7.6 per cent earlier.

The insurer sold more than 5.91 crore shares or 2 per cent stake in NMDC through a series of market sales over a period spanning from September 2023 to December 2024, LIC said in a regulatory filing on Friday.

LIC's holding in NMDC's equity shares carrying voting rights decreased from 22,31,79,025 shares, representing 7.6 per cent of the total voting capital, to 16,40,59,791 shares, accounting for 5.6 per cent, it added.

Last month, LIC said it has sold more than 2.02 per cent stake in Tata Power for about Rs 2,888 crore and reduced its holding in the company to 3.88 per cent.

Shares of NMDC on Friday fell 2.91 per cent to close at Rs 233.70 apiece on the BSE.