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LIC corners 38.67% of SBI's Rs 15,000 cr QIP

Press Trust of India  |  New Delhi 

State-owned Corporation (LIC) bought worth over Rs 5,800 crore in SBI's Rs 15,000 crore qualified institutional placement (QIP).

The behemoth bought 38.67 per cent of put on the block via QIP by the country's largest earlier this month.

Following the investment, the shareholding of LIC in the has increased to nearly 10.6 per cent from 8.6 per cent.

Europacific Growth Fund picked up 10.62 per cent of the securities, as per a regulatory filing.

Shareholding of companies in has increased to 11.77 per cent after the issue as against 10.14 per cent at the end of March quarter.

In the largest equity issuance in the country, of had raised Rs 15,000 crore through QIP. It had issued around 52.21 crore new at a price of Rs 287.25.

The EuroPacific Growth Fund is part of a family of called American Funds. The fund invests in stocks of companies operating across diversified sectors.

will use the QIP proceeds to augment its capital adequacy ratio and for general corporate purposes.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, June 19 2017. 19:02 IST