LIC hikes stakes in ICICI Bank, IOB

24 February 2009

Life Insurance Corporation of India (LIC) has hiked its stake in ICICI Bank, the country's largest private sector lender, to 9.38 per cent. It also raised its holding in state-run Indian Overseas Bank to 7.09 per cent.

Government-owned insurance major LIC bought 22.7 million shares worth Rs145.62 crore in ICICI Bank through open market transaction, the private sector lender said in a filing with the Bombay Stock Exchange (BSE).

This represents 2.04 per cent equity stake in ICICI. LIC already owns 7.34 per cent stake in ICICI Bank. LIC now holds over 104.4 million shares representing 9.38 per cent stake in the bank.

In another filing  with the BSE, state-run Indian Overseas Bank said LIC has raised its stake in the bank to 7.09 per cent by acquiring a further 2 per cent, or 11.4 million shares.

LIC acquired the shares in January-February 2009 for around Rs68.7 crore, the filing said.

LIC also hiked its stake in state-run gas distribution company Gail to 9.98 per cent through open-market transactions as well as bonus allotment, Gail India said in a filing with the BSE.