BackLIC sells over 2% stake in Bank of Baroda in open market sale
The valuation of LIC's stake sale in Bank of Baroda comes to around Rs734.92 crore on the weighted average basis
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New Delhi: Life Insurance Corporation of India (LIC) has offloaded over 2% stake in Bank of Baroda in an open market sale in the last two months.
LIC owned nearly 7.25% stake in Bank of Baroda equivalent to 167,018,926 shares before the open market sale, Bank of Baroda said in a regulatory filing, adding that LIC shed stake in a market sale from 1 September to 29 November.
LIC has shed about 2.06% (47,341,007 shares) it held in the bank, post which its holding came down to around 5.19% (119,677,919 shares). Calculated on the weighted average price (WAP) of Rs155.24 per share during the 62-day period, the valuation of the sale comes around Rs734.92 crore.
On Thursday, Bank of Baroda shares fell 1.34% to Rs169.05 on BSE while the benchmark Sensex shed 1.35% to end the day at 33,149.35 points.
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