LIC acquires 10% stake in Andhra Bank

LIC acquires 10% stake in Andhra Bank

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.