LIC ups holding in NMDC to 10 per cent, stake valued at Rs 5,440 crore

LIC, the insurance behemoth, has bought 7.98 crore shares, or 2.13 per cent, of NMDC (National Mineral Development Corporation) 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, LIC's holding 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 Bombay Stock Exchange (BSE).

Prior to this acquisition, LIC held 8.11 per cent stake in the iron-ore mining company.

Meanwhile, the government is planning to divest 10 per cent stake in NMDC. It has already secured Cabinet approval for the same.

On Friday, shares of NMDC closed at Rs 135.60 a scrip on the BSE, up by 2.57 per cent from the previous close.