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LIC increases stake in Dena Bank to over 14%

LiveMint logoLiveMint 25-09-2017 PTI

LIC increases stake in Dena Bank to over 14%

New Delhi:Life Insurance Corporation of India (LIC) has acquired an over 4.5% stake in public sector lender Dena Bank in preferential allotment of shares over a period of nearly three months to mid-September.

LIC, the country’s largest and the only state-owned life insurer, bought nearly 4.52% shares in Dena Bank in a period between 23 May to 18 September, the bank said in a regulatory filing.

The equity sale to LIC was done through a preferential allotment of shares. The stake buy by LIC is equivalent to 44,865,702 shares.

Prior to this additional stake purchase, LIC held over 9.73% (96,705,466 shares) stake in Dena Bank. Thus, the current shareholding in Dena Bank by LIC has increased to over 14.25%, representing 141,571,168 shares, showed the regulatory filing.

Stock of Dena Bank on Monday closed 0.48% down at Rs31.10 on BSE.

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