LIC offloads 2% stake in Bharat Forge for Rs 151 cr

State-run insurer sells 4.65 million shares at average price of Rs 323.17 a share

Life Insurance Corporation has sold a 2 per cent stake in Bharat Forge, flagship of the %2.5 billion Kalyani Group, for Rs 150.53 crore.
     
The state-run insurer sold 4.66 million shares of the firm.
     
LIC had 16.77 million shares amounting to 7.2 per cent stake in the Pune-based forgings maker before the transaction held between November 15, 2013 and January 15, 2014, Bharat Forge said in a BSE filing today.
     

Following the transaction, LIC now has 12.12 million shares in the company or 5.205 per cent stake.
     
The Shares were sold though the open market through BSE and NSE at an average price of Rs 323.17 per share.

     
As on December 31, 2013, promoters had 46.74 per cent stake in Bharat Forge.
     
The company scrip was trading at Rs 346.95, up 0.57 per cent, in the afternoon trade on the BSE.