Life Insurance Corporation of India (LIC) has bought 7.98 crore shares, or 2.13% stake in NMDC to take its total stake in the state-run iron ore miner to 10.12%. The shares have been purchased through open market acquisitions between September 20, 2014, and April 9, 2015. 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.
NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.
