Mumbai: State-run Life Insurance Corporation (LIC) has sold about 1.29% stake in the offshore oilfield services provider Great Offshore for Rs28.49 crore.
In a filing to the Bombay Stock Exchange, Great Offshore on Monday said LIC has sold 4,83,017 equity shares of the company at a price of Rs590 per share.
However, the company did not disclose further details of the transaction. It also did not mention about the mode and date of transaction.
The sold shares represents 1.29% stake in Great Offshore.
Shares of Great Offshore were trading at Rs493.45, up by 1.25%, on BSE in the late Monday afternoon trade.
Private shipbuilders Bharati Shipyard and ABG Shipyard were in a neck and neck takeover battle for Great offshore - a company created through de-merger of the offshore business of Great Eastern Shipping.