LIC shareholding in SBI rises to 9.49%

NEW DELHI: Life Insurance Corporation of India (LIC) on Monday said it has increased its shareholding in State Bank of India (SBI) by acquiring an additional 0.28 per cent stake worth Rs 5,000 crore in the latest QIP.

LIC’s holding in SBI has increased to 87.58 crore (87,58,59,380) equity shares or 9.49 per cent from 81.46 crore (81,46,59,869) equity shares or 9.21 per cent of the paid-up capital of the bank, according to a regulatory filing.

SBI has raised Rs 25,000 crore through Qualified Institutional Placement (QIP) to fund business growth.