Life Insurance Corporation of India (LIC) has sold over 2 per cent shares in public sector Bank of Baroda in a open market sale in past two months, reported PTI.
The open market sale of over 2.04 per cent stake (or 4,69,80,180 shares) took place between July 10 to September 1, Bank of Baroda said in a regulatory filing.
Calculated on a previous close of Rs 138.30 a share on September 1, the valuation of the stake sale by LIC in Bank of Baroda comes out to be Rs 649.74 crore.
Post the stake sale, LIC now holds shares above 7.24 per cent (16,70,18,926) in Bank of Baroda.
Earlier, it held about 9.29 per cent (21,39,99,106 shares) in the public sector lender.