LIC offloads 2 pc stake in VSNL

State-run Life Insurance Corp has offloaded 2 per cent stake in Tata group firm VSNL for about Rs 342 crore.

State-run Life Insurance Corp has offloaded 2 per cent stake in Tata group firm VSNL for about Rs 342 crore.

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LIC has sold 5,732,443 shares amounting to 2 per cent stake in VSNL through open market transaction on the Bombay Stock Exchange, VSNL said in a disclosure to the BSE.

The above shares were sold in a period ranging from August 17, 2007 till January 1, 2008.

Calculated on the average price of VSNL within the said period, the deal value amounts to Rs 325.77 crore.

Prior to this transaction LIC held 26,411,462 shares of VSNL, representing 9.26 per cent stake in the telecom company, which got reduced to 7.26 per cent after the said transaction.

Shares of VSNL closed at Rs 515.80, down 2.38 per cent on the BSE.