LIC ups holding in NMDC to 10%, stake valued at Rs 5,440 cr

By: |
New Delhi | Published: April 12, 2015 2:01:23 PM

Insurance behemoth LIC has bought 7.98 crore shares, or 2.13 per cent, of NMDC to take its total stake in the state-run iron ore miner to 10.12 per cent...

LIC, LIC shares, LIC BSE SENSEX, LIC stake in NMDC, NMDC, NMDC shares, NMDC BSE SENSEX, India News, Industry NewsLIC’s holding in NMDC is valued at over Rs 5,440 crore, a total stake of 10.12 per cent. (PTI)

Insurance behemoth LIC has bought 7.98 crore shares, or 2.13 per cent, of NMDC to take its total stake in the state-run iron ore miner to 10.12 per cent.

Based on the current share price of NMDC at Rs 135.60 apiece, LIC’s holding in the company is valued at over Rs 5,440 crore.

The shares have been purchased through open market acquisitions between September 20, 2014, and April 9, 2015, NMDC said in a regulatory filing to the BSE.

Prior to this acquisition, LIC held 8.11 per cent stake in the iron-ore mining company.

Meanwhile, the government is planning to divest 10 per cent stake in NMDC. It has already secured Cabinet approval for the same.

On Friday, shares of NMDC Ltd closed at Rs 135.60 a scrip on the BSE, up by 2.57 per cent from the previous close.

For Updates Check Industry News; follow us on Facebook and Twitter

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.