Life Insurance Corporation of India (LIC) disclosed that it dropped its stake in NMDC from 15.772% to 13.699%. The company sold 6,07,50,576 shares, or 2.073% equity, at an average cost of Rs 104.79 via open market sale from December 29, 2022, to January 9, 2018.

National Mineral Development Corporation (NMDC) is the largest iron ore producer. Recently about 35 million tonnes of iron ore from 3 fully mechanized mines, one located in  Karnataka and two in Chhattisgarh. In the public sector company, the stake held by the government is 60.79% stake in the company.

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More than 65 years of age, the company has provided life insurance in India and is the largest life insurer in India. 

Shares in LIC will be listed on the exchange on May 17, 2022. The stock was listed at Rs 867.20, an 8.62% discount on the issue price of Rs 949.

On the BSE, shares of LIC rose 2.51% to Rs 701.80, and NMDC rose 1.83% to Rs 125.35.