LIC increases stake in Dena Bank, Andhra Bank

Posted on:31 Mar 2016 10:54:17
LIC increases stake in Dena Bank, Andhra Bank
31 March 2016 Current Affairs: Public sector lender Dena Bank has raised Rs 65 crore by issuing over 2 crore shares to LIC  on preferential basis. Andhra Bank also said it has sold over 4.23 per cent stake to LIC on a preferential allotment, without disclosing the amount. Post the acquisition of additional shares in Dena Bank, LICs stake in the lender has gone up to 14.5 per cent from 11.63 per cent earlier, Dena Bank said in a regulatory filing on Wednesday."Upon receipt of funds from LIC, the Issue Committee of the Board of Bank at its meeting held on March 30, has allotted 2,16,76,267 equity shares of Rs 10 each at a premium of Rs 19.92 per share amounting to Rs 64.86 crore to LIC of India, on preferential basis", the bank said.Post the allotment, governments shareholding has decreased to 62.89 per cent from existing 65 per cent, it said. The banks scrip was trading at Rs 29.05, up 2.47 per cent, on BSE.Meanwhile, Andhra Bank said it has sold over 4.23 per cent stake equivalent to 28,853,210 shares to LIC on a preferential allotment. The price per unit at which Andhra Bank sold shares to LIC was not provided. After the additional stake buy in Andhra Bank, LIC holds more than 14.39 per cent in the lender, from earlier over 10.15 per cent. Shares of the Andhra Bank were trading at Rs 51.70, up 3.50 per cent, on BSE. 

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