Life Insurance Corporation ups stake in Union Bank of India to over 5%
LIC held 3.09% stake in UBI earlier, representing 19,79,23,251 equity shares of the bank
New Delhi: Life Insurance Corporation of India’s shareholding has risen by over 5% in the state-run Union Bank of India with the acquisition of nearly 2% additional stake in the bank. LIC held 3.09% stake in UBI earlier, representing 19,79,23,251 equity shares of the bank.
It has now increased to 5.06% (34,57,64,764 shares), as per a regulatory filing of LIC sent to exchanges through Union Bank of India on Friday.
The life insurance behemoth picked up 14,78,41,513 shares of the bank in a preferential allotment of shares on May 20, 2021, as per the filing.
Union Bank of India had on Thursday closed its Qualified Institutions Placement (QIP), in which it raised a total of Rs 1,447.17 crore. The stock of Union Bank of India closed at Rs 37.45, up 1.63% from their previous close.