New Delhi: The country's largest insurance company Life Insurance Corporation of India (LIC) has reduced its stake in public sector company NMDC Limited by two percent. The company gave this information on Friday. After the deal, LIC's stake in government company NMDC has come down to 5.6 percent, which was earlier 7.6 percent. LIC said in a filing to the stock exchange that it has sold more than 5.91 crore shares or two percent stake in NMDC through a series of market sales in the period from September 2023 to December 2024.
LIC's stake in NMDC's equity shares with voting rights has declined from 22,31,79,025 shares (7.6 per cent) to 16,40,59,791 shares (5.6 per cent). Last month, LIC had said it had sold over 2.02 per cent stake in Tata Power for about Rs 2,888 crore and reduced its stake in the company to 3.88 per cent. On Friday, NMDC shares closed at Rs 233.70, down 2.91 per cent on the BSE.
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Rs 21,000 crore IPO
LIC's Rs 21,000 crore IPO came in May 2022. This is the largest IPO so far in Indian history. Its issue price was Rs 949. Its listing took place on May 17, 2022. Its 52-week high is Rs 1,221.50 and low is Rs 597.65. In the last session it closed at Rs 1079.20 and today opened at Rs 1116.55. During trading it rose by more than three percent to Rs 1116.95. At 9.50 am it was trading at Rs 1107.50 with a rise of 2.62%.
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