29-Jun-2011
Source : Financial Express
The country’s largest insurer, LIC, has hiked its stake in State-run Andhra Bank to 10% through stock market purchase. LIC bought over 5.58 crore shares or 9.99% 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% stake in the PSU lender.
At the current market price, LIC’s holding in Andhra Bank is valued at over Rs.750 crore.
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