LIC sells over 2% stake in Bank of Baroda in open market sale

LIC has offloaded over 2 percent stake in Bank of Baroda in an open market sale during the last 2 months.

Life Insurance Corporation (LIC) owned nearly 7.25 percent stake in Bank of Baroda equivalent to 16,70,18,926 shares before the open market sale, Bank of Baroda said in a regulatory filing.

The public sector bank said LIC shed stake in a market sale during September 1 to November 29.

The life insurer has shed about 2.06 percent (4,73,41,007 shares) it held in the bank, post which its holding came down to around 5.19 percent (11,96,77,919 shares).

Calculated on the weighted average price (WAP) of Rs 155.24 per share during the 62 days period, the valuation of the sale comes around Rs 734.92 crore.

Bank of Baroda stock today closed 1.34 per cent down at Rs 169.05 on BSE.