LIC acquires 10% stake in Andhra Bank

Mumbai: India's largest insurer, LIC, has hiked its stake in state-run Andhra Bank to 10 per cent through stock market purchase.

Life Insurance Corporation (LIC) has bought over 5.58 crore shares or 9.99 per cent stake in Andhra Bank on June 21 through open market deals, Andhra Bank said in a disclosure to the Bombay Stock Exchange.

Post acquisition, LIC holds over 5.59 crore shares or a little over 10 per cent stake in the PSU lender.

At the current market price, LIC's holding in Andhra Bank is valued at over Rs 750 crore.

Shares of Andhra Bank closed at Rs 133.95, down 0.41 per cent on BSE.

Source: Financial Express