LIC stake in Axis Bank crosses 10 pc

Tags: Companies
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

  • Annual reports make sense only if accountable governance is in place

    It’s a sign of a lack of imagination to expect an annual report by a party in power to pull out some impressive performance given the complex nature

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Amita Sharma

Political rhetoric makes for counter poetry

Poetic flourishes flavour politics. Ghalib and Hafez flowed profusely to ...

Zehra Naqvi

Watch your words, for they can kill

You must’ve heard the ph­rase ‘if looks could kill’. Ever ...

Dharmendra Khandal

Biodiversity day has come and gone. Yet again

Every year on May 22, world celebrates international biodiversity day. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture