BackLIC acquires 10% stake in Andhra Bank
LIC acquires 10% stake in Andhra Bank
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Mumbai: The country’s largest insurer, LIC, has hiked its stake in state-run Andhra Bank to 10% through stock market purchase.
Life Insurance Corporation (LIC) has bought over 5.58 crore shares or 9.99% stake in Andhra Bank on 21 June through open market deals, Andhra Bank said in a disclosure to the Bombay Stock Exchange.
Post acquisition, LIC holds over 5.59 crore shares or a little over 10% stake in the PSU lender.
At the current market price, LIC’s holding in Andhra Bank is valued at over ₹ 750 crore.
Shares of Andhra Bank closed at ₹ 133.95, down 0.41% on BSE.
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