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Life Insurance Corporation of India (LIC) has increased its stake in public sector lender Central Bank of India to 15%. This is after there was a preferential allotment of shares to raise Rs 626.23 crore.
Earlier, LIC held a stake of 9.49% in the Bank. This was raised by 5.51% after the preferential allotment.
On January 1, 2015, Central Bank of India had informed the exchanges that the Capital Raising Committee of the Board of Directors of the Bank at their meeting has allotted 82.8 million equity shares to LIC. This was allotted at the face value of Rs 10 per equity share at a price of Rs 75.55 per Equity Share aggregating to Rs 626.23 crore.
