Home >market >stock-market-news >LIC offloads 2% stake in Bharat Forge for `151 crore

New Delhi: Life Insurance Corporation (LIC) has sold 2.001% stake in Bharat Forge, flagship of the $2.5 billion Kalyani Group, for 150.53 crore.

The state-run insurer sold 4.65 million shares of the firm.

LIC had 16.77 million shares amounting to 7.206% stake in the Pune-based forgings maker before the transaction held between 15 November 2013 and 15 January 2014, Bharat Forge said in a BSE filing on Tuesday.

Following the transaction, LIC now has 12.11 million shares in the company or 5.205% stake.

The shares were sold though the open market through BSE and NSE at an average price of 323.17 per share.

As on 31 December 2013, promoters had 46.74% stake in Bharat Forge.

The company scrip closed at 346.25, up 0.36% on the BSE.

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