LIC picks up a third of Nalco shares divested by govt

LIC has bought additional 5,24,82,219, or 2.036%, stake through the OFS

State-run insurer LIC has picked up Nalco's 5.25 crore shares, or one-third of the 15.69 shares the government divested last week, through the offer for sale (OFS) route.

The government had on March 15 raked in over Rs 620 crore through sale of its 6% stake in the Odisha-based aluminium producer Nalco.

Life Insurance Corporation of India, which had 5.040% stake in Nalco, bought additional 5,24,82,219, or 2.036%, stake through the OFS, Nalco said in a BSE filing.

Following this, LIC now holds 182,365,523 shares or 7.076% stake in the company.

Nalco's shares were selling at Rs 37.25 apiece, down 1.46% during the afternoon trade in the BSE.