The country's largest insurer Life Insurance Corporation (LIC) has raised its stake in state-run Canara Bank to 5.08 per cent through open market transactions estimated over Rs seven crore.
In a disclosure to the Bombay Stock Exchange, Canara Bank said, state-run LIC has acquired 4.24 lakh shares, representing 0.10 per cent stake in the bank via market purchase on January 29.
Based on the closing price of Canara Bank as on January 29, the deal value comes to Rs 7.51 crore.
Post acquisition, LIC now holds 2.08 crore shares representing 5.08 per cent stake in the PSU lender.
Shares of Canara Bank were trading at Rs 181.80, up 0.86 per cent in the afternoon trade on the BSE.