LIC buys NMDC shares worth over Rs 1,116 crore

State-owned iron ore miner NMDC said on Wednesday Life Insurance Corporation of India (LIC) has acquired almost 8 crore of its shares shares worth over Rs 1,116 crore in a market purchase.

In a BSE filing, NMDC said the country's largest insurer has acquired 7,98,39,172 shares or 2.013 per cent stake in the firm in a market purchase through various brokers worth over Rs 1,116.17 crore on April 11, 2015.

Post the share purchase, LIC's stake in NMDC has risen to 10.124 per cent from 8.111 per cent, it added. The NMDC scrip was trading down by 3.18 per cent at Rs 131 on the BSE.