Life Insurance Corporation of India (LIC) bought 13,73,79,411 equity shares or 2.01% stake of Union Bank of India from 21 March 2020 to 15 December 2021.
Post transaction, Life Insurance Corporation of India (LIC) increased its shareholding to 35,31,66,823 equity shares or 5.167% stake from 21,57,87,412 equity shares or 3.157% stake held in Union Bank of India. The deal was executed as market purchase.
As of 30 September 2021, Life Insurance Corporation (LIC) of India held 5.06% stake while the Government of India held 83.50% stake in the bank.
Union Bank of India's standalone net profit surged 195.4% to Rs 1,526.12 crore on a 2.3% rise in total income to Rs 20,683.95 crore in Q2 FY22 over Q2 FY21.
Shares of Union Bank of India declined 1.95% to Rs 45.25 on BSE. Union Bank of India is a state-run bank.
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