Life Insurance Corporation of India (LIC) has increased its stake by 2% in the state-owned iron ore mining company NMDC. With the purchase of additional 79.83 million shares, the LIC's share holding in the company rose to 10.124% from the previous 8.111%.
The LIC has bought these shares at a total value of Rs 1,116.17 crore. Government of India as the promoter the company owns 80% equity in NMDC while the state-owned life insurer stands second in terms of the share holding in the company.
As on March 31, 2015, LIC together with LIC Pension Plus Mixed Fund held 9.96% equity. With the new purchase of shares the total shares held by LIC surpasses 10% leaving less than 10% shares in the hands of other investors under public category.
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.
