Life Insurance Corporation has sold 2.001 per cent stake in Bharat Forge, flagship of the $2.5-billion Kalyani Group, for Rs 150.53 crore.
The state-run insurer sold 46.58 lakh shares of the firm.
LIC had 167.74 lakh shares amounting to 7.206 per cent stake in the Pune-based forgings maker before the transaction was done between November 15, 2013, and January 15, 2014, Bharat Forge said in a BSE filing today.
Following the transaction, LIC now has 121.16 lakh shares in the company or 5.205 per cent stake.
The shares were sold through the open market through the 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’s scrip was trading at Rs 346.95, up 0.57 per cent, in the afternoon trade on the BSE.