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

Prior to this acquisition, LIC held 8.11% stake in iron-ore mining company

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

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% stake in the iron-ore mining company.

Meanwhile, the government is planning to divest 10% 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% from the previous close.