LIC ups stake in Union Bank of India to over 5%

LIC held 3.09 per cent stake in UBI earlier, representing 19,79,23,251 equity shares of the bank.

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.

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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.

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