LIC Reduces Stake in NMDC by 2%

Life Insurance Corp of India has reduced its stake in NMDC Ltd from 7.6% to 5.6% through market sales between September 2023 and December 2024. The company's shares fell by 2.91% following the announcement. LIC had recently reduced its holding in Tata Power as well.

Life Insurance Corporation of India (LIC), the state-owned insurer, has decreased its stake in iron-ore producer NMDC Ltd by 2%, according to a recent stock exchange filing. This is part of a series of market sales conducted from September 2023 to December 2024.

Following the sale, LIC's ownership in NMDC, which grants voting rights, has dropped from 7.6% to 5.6%. The insurer reduced its holdings from over 22 crore shares to around 16 crore shares, as stated in a Friday regulatory filing.

This follows LIC's announcement last month of a more than 2.02% stake reduction in Tata Power, raising funds of about Rs 2,888 crore and decreasing its holding to 3.88%. NMDC shares dropped 2.91% to a closing price of Rs 233.70 per share on the BSE after the news.

(With inputs from agencies.)