LIC offloads 2 per cent stake in Bank of Baroda

The Life Insurance Corporation of India (LIC) has relinquished about 2 per cent stake in Bank of Baroda (BoB) in the open market during the past two months.
 
Life Insurance Corporation owned nearly 7.25 per cent stake equivalent to 16,70,18,926 shares prior to the open market sale. LIC has sold about 2.06 per cent or 4,73,41,007 shares that it held in the bank. The state-run insurance company now holds around 5.19 per cent or 11,96,77,919 shares of BoB, said the bank in a regulatory filing.
BoB also stated that LIC reduces its holding from September 1 to November 29. Based on the weighted average price of Rs. 155.24 per share during the 62 days period, the valuation of the sale comes around Rs. 735 crore.
 
Bank of Baroda is an public sector bank with international banking and financial service operations. It is headquartered in Vadodara, Gujarat.
 
At 12:28 hours, Bank of Baroda was trading at Rs. 171.50 per share, up Rs 2.40, or 1.42 per cent on the NSE. The scrip opened at Rs 169.70 and touched a high and low of Rs 172.50 and 169.70, respectively. The stock attracted a traded volume of 55,00,398 shares on NSE.