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 Rs 750 crore.
Shares of Andhra Bank closed at Rs 133.95, down 0.41% on BSE.