LIC raises stake in HDFC Bank to over 5%

Life Insurance corporation of India (LIC), the country's largest insurer, has increased its stake in HDFC Bank to over five per cent following acquisition of shares from the open market.

LIC purchased 1.6 lakh shares from the open market hiking its stake in the company to 5.01 per cent, HDFC Bank informed the National Stock Exchange today.

The equity holding of the insurer increased by 0.04 per cent from 4.97 per cent earlier, it said.

As on June 2008, LIC holding in the bank stood at 2.15 per cent which went up to 4.7 per cent in September this year.

Shares of the HDFC Bank closed at Rs 984.20, up by 0.45 per cent on the National Stock Exchange.

Yesterday, LIC hiked its stake in Vijaya Bank to 9.53 per cent by acquiring shares worth nearly Rs 30 crore from the open market.

Domestic institutional investor acquired over 94.29 lakh shares representing 2.18 per cent stake in the state-run lender.

Before the acquisition, LIC held over 3.18 crore shares representing 7.38 per cent stake in the bank which subsequently increased to 9.53 per cent after the purchase.