Bank Leumi sells 4.35 pct stake in Migdal Insurance
JERUSALEM Oct 1 (Reuters) - Bank Leumi, Israel's second-largest lender, sold a 4.35 percent stake in Migdal Insurance and Financial Holdings to a number of buyers for about 270.5 million shekels ($77 million), the bank said on Tuesday.
Leumi said it sold its stake in Migdal, Israel's largest insurer, at a price of about 5.9 shekels per share, which was the closing price on Monday.
The bank expects to post a capital gain of about 105 million shekels from the sale. It had sold a 4.6 percent share in Migdal, which has a market value of 6.2 billion shekels, in January.
Migdal shares were steady at about 5.9 shekels in early Tel Aviv trade.
($1 = 3.522) (Reporting by Ari Rabinovitch)