LIC sells 2% stake in Federal Bank for Rs 170 cr
New Delhi: Life Insurance Corporation (LIC) has sold 2.02 percent stake in private sector Federal Bank for about 170 crore.
Following the stake sale, LIC shareholding in the bank has come down to 3 percent, Federal Bank said in a filing on the BSE on Tuesday.
The country's largest state-owned insurance firm sold 34.71 lakh shares, comprising 2.02 percent stake, of the bank on March 15 through open market.
The bank's scrip had closed at Rs 489.65 on March 15. Thus, LIC collected about Rs 170 crore from the share sale.
LIC had picked up stake in the bank in February 2010.
Federal Bank scrip on Tuesday closed at Rs 487.50, down 0.17 percent on the BSE.