LIC hikes stake in Allahabad Bank

Written by Agencies | Mumbai | Updated: Dec 31 2008, 21:03pm hrs
Public sector Allahabad Bank on Wednesday said that Life Insurance Corporation of India has hiked its stake in the bank by 2.10 per cent 10.94 by purchasing shares worth Rs 46 crore.

Prior to the said purchase, LIC was holding 3.95 crore shares representing 8.84 per cent stake in the bank.

In a disclosure to the Bombay Stock Exchange, Allahabad Bank said that domestic investor LIC has purchased 93 lakh shares for Rs 46.88 crore from the open market, representing 2.10 per cent stake in the company.

After the purchase, LIC now holds 4.89 crore shares representing 10.94 per cent stake in the bank.

Shares of the Allahabad Bank were trading at Rs 52.10, up 3.07 per cent on the BSE.