LIC sold this much stake in this company, know how much is left now, know the whole thing
Public sector life insurance company, Life Insurance Corporation of India (LIC) has sold its 2 per cent stake in iron ore producer NMDC Ltd. According to an exchange filing, after the stake sale, LIC’s stake in state-run iron ore mining company NMDC has come down to 5.6 per cent from 7.6 per cent earlier. LIC gave this information in a regulatory filing on Friday, PTI reported.
Share in equity shares with voting rights reduced
According to the news, the insurance company has sold more than 5.91 crore shares or 2 percent stake in NMDC through a series of market sales during the period from September 2023 to December 2024. LIC’s stake in equity shares with voting rights of NMDC has come down from 22,31,79,025 shares to 16,40,59,791 shares, which is 7.6 percent of the total voting capital. Last month, LIC said that it had sold more than 2.02 percent stake in Tata Power for about Rs 2,888 crore and reduced its stake in the company to 3.88 percent.
The company has also sold stake in Tata Power
On Friday, NMDC shares closed 2.91 percent lower at Rs 233.70 per share on BSE. Earlier, LIC had sold more than 2.02 percent stake in Tata Power Company for about Rs 2,888 crore. Now LIC’s stake in Tata Power has come down to 3.88 percent. LIC said in a notice to the stock market that the insurance giant has reduced its stake in Tata Power Company Limited (TPCL) from 18,87,06,367 shares to 12,39,91,097 shares.
LIC’s net profit fell in this quarter
LIC’s net profit fell by 3.8 percent to Rs 7,621 crore in the July-September quarter of the current financial year. The company’s net profit in the same quarter of the previous financial year was Rs 7,925 crore. The company’s net premium income stood at Rs 1,19,901 crore in the September quarter as against Rs 1,07,397 crore in the same quarter of the previous financial year. The insurer’s other income almost halved to Rs 145 crore in the quarter under review, from Rs 248 crore in the same quarter last year.
