LIC 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
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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