October 1, 2013 / 8:03 AM / 4 years ago

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

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