State-owned iron ore miner NMDC on Wednesday said the stake of Life Insurance Corporation of India (LIC) in the company has risen by two percent following purchase of additional shares worth over Rs.1,116 crore.
The ore miner, in a filing with the Bombay Stock Exchange, said LIC has acquired 7,98,39,172 shares, translating into a 2.01 percent stake in the firm by means of market purchase in mid-April. The valuation of the shares stands over Rs 1,116.17 crore.
The country's largest insurer previously owned 8.11 percent stake in NMDC, which has increased to 10.12 percent after the share purchase.