Life Insurance Corporation of India (LIC) has hiked its stake in the country’s largest private sector lender, ICICI Bank, to 9.38 per cent after purchasing shares worth Rs 145.62 crore through open market transaction.
The insurer has also hiked its stake to 9.98 per cent in state-run gas transmission and marketing company Gail through open-market transaction as well as bonus allotment. In a disclosure to the Bombay Stock Exchange, ICICI Bank said LIC has purchased over 2.27 crore shares for Rs 145.62 crore, representing 2.04 per cent stake.
Before the purchase, LIC held 7.34 per cent stake, while now, it has over 10.44 crore shares representing 9.38 per cent stake in the bank.
Gail informed the BSE that LIC has purchased over 5.92 crore shares representing 2 per cent stake in the company between March 21, 2007, and February 13 this year. LIC bought 7.38 crore shares worth Rs 1,132.97 crore and sold 1.46 crore shares for Rs 546.77 crore, resulting in a net acquisition of 5.92 crore shares (2 per cent), the filing added.
Of the 5.92 crore shares, over 3.88 crore were bonus shares, Gail added.
Shares of ICICI Bank were trading at Rs 232.90, down 3.59 per cent on the BSE on Tuesday, while shares of Gail India were trading at Rs 196.65, down 1.75 per cent.