Corporation Bank to buy 4% stake in LIC Nomura Mutual Fund

Corporation Bank today said it will buy 4 per cent stake in LIC Nomura Mutual Fund Asset Management Company from existing shareholders for Rs 5.67 crore.

The bank is going to acquire 4 per cent shareholding from the existing shareholder namely Nomura Asset Management Strategic Investments PTE Limited of LIC Nomura Mutual Fund Asset Management Company Ltd, Corporation Bank said in a regulatory filing.

The stake buy will be at a price of over Rs 5.67 crore as per the valuation derived, it added.

Corporation Bank shares today closed 0.82 per cent down at Rs 42.30 apiece on BSE.