New Delhi: Life Insurance Corporation (LIC) has bought 7.98 crore shares, or a 2.13 per cent stake, in NMDC Ltd to take its total stake in the state-run iron ore miner to 10.12 per cent.
Based on the current share price of NMDC at Rs 135.60 apiece, the insurance behemoth's shareholding 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 an 8.11 per cent stake in the iron-ore mining company.
Meanwhile, the government is planning to divest a 10 per cent stake in NMDC. It has already secured approval from the Cabinet for the same.
On Friday, shares in NMDC ended at Rs 135.60 apiece on the BSE, up 2.57 per cent from the previous close.