LIC ups stake in Union Bank of India to over 5%
NEW DELHI: Life Insurance Corporation of India’s shareholding has risen by over 5 per cent in the state-run Union Bank of India with acquisition of nearly 2 per cent additional stake in the bank.
LIC held 3.09 per cent stake in UBI earlier, representing 19,79,23,251 equity shares of the bank.
It has now increased to 5.06 per cent (34,57,64,764 shares), as per a regulatory filing of LIC sent to exchanges through Union Bank of India on Friday.
The life insurance behemoth picked up 14,78,41,513 shares of the bank in a preferential allotment of shares on May 20, 2021, as per the filing.
Union Bank of India had on Thursday closed its Qualified Institutions Placement (QIP), in which it raised a total of Rs 1,447.17 crore.
Stock of Union Bank of India closed at Rs 37.45, up 1.63 per cent from their previous close.