The country's largest insurer, Life Insurance Corporation (LIC), has hiked its stake in state-run Andhra Bank to 10% through stock market purchase.
LIC has bought over 55.8 million 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 (BSE).
Post acquisition, LIC holds over 55.9 million 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.
Shares of Andhra Bank closed at Rs 133.95, down 0.41% on the BSE.