- Rs. 1 CroreTerm Cover @Rs 17/Day
- Tax BenefitsUnder Section 80C & 10(D)
- Extra BenefitsAccidental, Terminal & Critical Illness
- 12 Lac+Families Secured
We promise limited calls
Life Insurance Corporation Increasing Stakes In SBI
- DetailsWritten by PolicyBazaar -
- Hits : 1619 -
Modified 06 March 2014
Life Insurance Corporation of India (LIC) has participated in Qualified Institutional Placement (QIP) and acquired State Bank of India's (SBI) shares from open market, thereby increasing its stake in SBI. Now the stake of LIC has increased from 12.15% to 14.991%. Between August 28, 2013 and February 5, 2014 LIC, the insurance major, has acquired SBI shares costing 2.13 crore- as per the stock exchange disclosure. Making the biggest equity sale, SBI has sold its shares through a QIP and raised an amount of Rs 8032 crore in the last month. Selling a single piece at an average price of Rs 1565 which is indicated on the lower side of the price band set by the bank and so, SBI has sold shares of about 5.13 crore in total. The government’s stake is likely to fall down from 62% to 58.6% after equity allotment.
Along with public sector banks, LIC has also turned out to be one of the largest investors in the QIP share sale of about Rs 2000 crore worth of bids. The insurance leaders report banks as their favorite sectors especially when it comes to SBI which is the biggest lender in the country. Still, LIC has a 22.54% of stake in Corporation Bank and 10%in Vijaya Bank, Bank of India, Syndicate Bank, Union Bank, UCO Bank and Bank of Baroda.
- Most Read
- How Life Insurance Help you To Stay Financially Safe?
Date: 23 July 2018
- 5 Reasons Why You Shouldn’t Cancel Your Life Insurance Policy
Date: 23 July 2018
- How to Choose Life Insurance Plans According to Your Income?
Date: 22 June 2018
- 10 Risky Cities in India Where One Must Have Life Insurance
Date: 19 June 2018
- Life Insurance is for Poor, Middle Class or Rich People?
Date: 18 June 2018
- How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Views : 1461339
- LIC Online Payment - LIC Premium Payment Options & Process
Views : 202335
- Life Insurance: Checking Policy Status
Views : 75148
- LIC Login Online: Step-by-Step Login Process to LIC website
Views : 69713
- How to Check PLI Status?
Views : 60553