Life Insurance Corporation (LIC) has raised its stake in the country’s largest bank State Bank of India (SBI) by 2.86% to 13.26%. The insurance behemoth has acquired 19.57 lakh shares from open market for Rs 49.15 crore.
Post acquisition, the equity share capital of the LIC has increased to Rs 684.03 crore from Rs 634.88 crore. Before the acquisition, LIC’s stake in the bank was 10.4 per cent.
SBI reported a 13.6 per cent fall in standalone net profit to Rs 3,241.08 crore for the first quarter ended June of 2013-14 due to a rise in bad loans and increased provisioning.
Post acquisition, the equity share capital of the LIC has increased to Rs 684.03 crore from Rs 634.88 crore. Before the acquisition, LIC’s stake in the bank was 10.4 per cent.
SBI reported a 13.6 per cent fall in standalone net profit to Rs 3,241.08 crore for the first quarter ended June of 2013-14 due to a rise in bad loans and increased provisioning.
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