Life Insurance Corporation (LIC) on Tuesday sold 2.02 per cent stake, or 3.471 million shares, in private sector lender Federal Bank for about Rs 170 crore through open market.
Following the stake sale, LIC's stake in the bank has come down to 3 per cent, said Federal Bank in a filing to the Bombay Stock Exchange on March 19, 2013. LIC had picked up stake in the bank in February 2010.
Last year, L&T Finance and HSBC had also sold their stakes in Federal Bank. While L&T Finance sold 7.99 million shares in the bank at an average price of Rs 453.37, global banking giant HSBC sold its entire 5 per cent stake in the lender for a little over Rs 341 crore through open market transactions.