Life Insurance Corporation of India informed that it has increased its stake in IDFC First Bank from 0.20% to 2.68%.
LIC bought 18,60,34,900 shares at an average price of Rs 80.63 via private placement offer on 4 June 2024.IDFC First Bank is a universal bank, offering financial solutions through its nationwide branches, Internet and mobile. The bank provides customized financial solutions to corporate, individuals, small and micro enterprises (SMEs), entrepreneurs, financial institutions and the government.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.
Shares of LIC advanced 2.25% to end at Rs 1,010.05 and IDFC First Bank rose 0.40% to settle at Rs 81.19 on Thursday, 4 June 2024.
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