Life Insurance Corporation of India’s shareholding in NMDC has reduced by 2 percentage points to 11.69% subsequent to the insurance major, as an institutional investor, unloading more than 5.88 crore shares of the State-owned mining major in the open market over about two-and-a-half months from December end.
The holding has decreased from 13.699% to 11.690%, a decrease of 2.009 percentage points, during the period from December 29 to March 14 at an average price of ₹119.37 per share, LIC informed the stock exchange. On Wednesday, NMDC shares on BSE closed with an under 1% gain at ₹116.90 apiece.
In terms of number of shares, its holding in NMDC has diluted from 40,14,72,157 to 34,25,97,574 equity shares, LIC said. In a filing, NMDC also intimated the stock exchange of the change in LIC’s shareholding.