LIC picks up a third of Nalco shares divested by govt

NEW DELHI: 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 six per cent stake in the Odisha-based aluminium producer Nalco.

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

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

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