| 04 Jun 2024 17:00 | | Life Insurance Corporation raises stake in IDFC First Bank to 2.68% | |
Life Insurance Corporation of India (LIC), India's largest insurer, on Thursday, July 4, said it has acquired a 0.2% stake in private sector lender IDFC First Bank Ltd for Rs 80.63 per share, increasing its stake holdings from 1.42 crore shares to 20.02 crore shares on a preferential basis.
LIC’s investment in the bank stands at 2.68% for a price of Rs.80.63 per share through the private placement offer, dated June 30, issued by IDFC First Bank.
According to the stock exchange filing, IDFC First Bank is a private-sector bank with a market value of Rs 57,059.68 crore.
The private bank disclosed its plans to raise Rs 3,200 crore and issue 39.68 crore shares through a preference share allotment in an exchange filing on May 30. LIC's current stake holding makes them the largest shareholder in the private bank at 2.68%, followed by HDFC Life Insurance at 1.31%, and Aditya Birla Life Insurance at 1.06%.
IDFC First Bank aims to use the money raised to focus on high-asset-quality growth opportunities. Its shares closed 0.40% higher at Rs 81.19 on Wednesday, July 3, compared with the previous day's close of Rs 80.87.
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