LIC hikes stake in Allahabad Bank

Public sector Allahabad Bank today said that Life Insurance Corporation of India (LIC) has hiked its stake in the bank by 2.10 per cent by purchasing shares worth Rs 47 crore.

Prior to the said purchase, LIC was holding 3.95 crore shares representing 8.84 per cent stake in the bank.

In a disclosure to the Bombay Stock Exchange, Allahabad Bank said that domestic investor LIC has purchased 93 lakh shares for Rs 46.88 crore from the open market, representing 2.10 per cent stake in the company.

After the purchase, LIC now holds 4.89 crore shares representing 10.94 per cent stake in the bank.

 

Shares of the Allahabad Bank were trading at Rs 52.10, up 3.07 per cent on the BSE today.