Country’s largest life insurer, Life Insurance Corporation (LIC) has sold 2.001% 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. Following the transaction, LIC now has 121.16 lakh shares in the company or 5.205% stake.
LIC had 167.74 lakh shares amounting to 7.206% stake in the Pune-based forgings maker before the transaction was done between November 15, 2013, and January 15, 2014.
Bharat Forge engages in manufacturing of close die and open die forging, crankshafts, front axle beams, steering knuckle, connecting rods, rocker arm and many more components.
