LIC picks up a third of Nalco shares divested by govt

State-run Life Insurance Corporation (LIC) has picked up Nalco's 5.25 crore shares, or one-third of the 15.69 crore 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.

LIC, which had 5.040 per cent stake in Nalco, bought an additional 2.036 per cent stake, or 5,24,82,219 share, through the OFS, Nalco said in a filing to the Bombay Stock Exchange (BSE).

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

with inputs from PTI