Indian firm LIC cuts stake in Bharat Forge
Life Insurance Corporation (LIC) has divested a 2.001% interest in Bharat Forge for INR150.53 crore. The latter is the flagship company of the $2.5-billion Kalyani Group, according to The Hindu Business Line.
LIC, a state run firm, sold 46.58 lakh shares of the Pune-based forgings maker. Before the said transaction, LIC held 167.74 lakh shares of Bharat Forge. This is equivalent to a 7.206% stake in the firm. Based on Bharat Forge document filed to the Bombay Stock Exchange (BSE), the stake sale was transacted between November 15, 2013 and January 15, 2014, the report detailed.
Following the stake cut, LIC now holds 121.16 lakh shares in Bharat Forge. This is equivalent to a 5.0205% holding in the firm, the report added.
The said shares were sold at an average price of INR323.17 apiece. The sale was conducted through the open market via the BSE and the National Stock Exchange of India Ltd (NSE), The Hindu Business Line reported.