LIC stake in Axis Bank crosses 10 pc

The stake of country's largest life insurer LIC in Axis Bank has crossed 10% after it picked up the private lender's shares through open market transactions.

LIC, one of the promoters in Axis Bank, bought 52.07 lakh shares or over 1% of paid-up capital worth Rs 625.64 crore between September 2013 and January 21, 2014.

With the acquisition, LIC's stake in the private lender rose to 10.44% from 9.33%, Axis Bank said in a filing on the BSE. The total number of shares of Axis Bank with LIC have risen to 4.9 crore.

Shares of Axis Bank were trading at Rs 1,184.85 per unit down 0.36% over their previous close on the BSE.

Meanwhile, Specified Undertaking of UTI (SUUTI), one of the promoters of Axis Bank, has appointed three merchant bankers for sale of its stake in the bank.

The three merchant bankers selected for the stake sale are J P Morgan, Citigroup Global Markets and JM Financial Consultants.

SUUTI, formed in 2003 is an offshoot of erstwhile UTI, holds 23.58% in the country's third largest private sector lender Axis Bank.

The other promoters of the bank are General Insurance Corporation, New India Assurance and National Insurance Company.

EDITORIAL OF THE DAY

  • Reserve Bank must be commended for holding policy rate

    The Reserve Bank of India has been prudent in retaining repo rate at 7.25 per cent.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Roopen Roy

Smart idea? Tweak and implement

India is at the cusp of a startup boom. We ...

Rajgopal Nidamboor

Be mindful and you can beat the odds

It is as obvious as apparent can be. When our ...

Dharmendra Khandal

Go spot a gecko

Iam sure you must have read about how a lizard ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture