LIC ups stake in Union Bank of India to over five per cent
It has now increased to 5.06 per cent, as per a regulatory filing of LIC sent to exchanges through Union Bank of India on Friday.
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NEW DELHI: Life Insurance Corporation of India s shareholding has risen by over 5 per cent in the state-run Union Bank of India with acquisition of nearly 2 per cent additional stake in the bank.
LIC held 3.09 per cent stake in UBI earlier, representing 19,79,23,251 equity shares of the bank. It has now increased to 5.06 per cent (34,57,64,764 shares), as per a regulatory filing of LIC sent to exchanges through Union Bank of India on Friday.
India: LIC hikes stake in state-run UBI to over 5%
India Gate. Photo: Abhidev Vaishnav/unsplash
May 21, 2021
The Life Insurance Corporation of India (LIC) has hiked its stake to 5.06% in state-run Union Bank of India with acquisition of nearly 2% additional stake in the bank.
Earlier, the LIC held 3.09% stake in UBI, representing 19,79,23,251 equity shares of the bank, as per a regulatory filing of LIC sent to exchanges through Union Bank of India on Friday.
However, on May 20, the government-owned insurance firm increased its stake to over 5% after picking up 14,78,41,513 shares of the bank in a preferential allotment on Friday.
Union Bank of India had on Thursday closed its Qualified Institutions Placement (QIP), in which it raised a total of ₹1,447.17 crore.
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