LIC hikes stake in UBI to 9 %; buys shares worth Rs 142 cr

Life Insurance Corporation of India (LIC) has hiked its stake to 9.18 per cent in public sector lender Union Bank of India (UBI) after purchasing shares worth Rs 141.64 crore through an open market transaction.      

In a disclosure on the Bombay Stock Exchange, UBI said LIC has purchased 10,266,486 shares representing 2.032 per cent stake at an average price Rs 137.97 a piece.    

Prior to the said transaction, LIC held 7.15 per cent stake, while now it holds 9.183 per cent or 46,383,677 shares in Union Bank of India.   

Shares of Union Bank of India closed at Rs 168.35, up 2.31 per cent on the BSE.