LIC raises stake in SBI, Yes Bank

Written by fe Bureau | Mumbai | Updated: Aug 31 2013, 08:58am hrs
Life Insurance Corporation of India (LIC) has raised its holding in two banks Yes Bank and SBI over the past week.

On Friday, LIC disclosed it has increased its stake in Yes Bank by 2.33% to 7.38% by acquiring 84.1 lakh shares. Yes Bank shares on Thursday had closed at R232.35. Yes Banks share this year has swung from a 52-week high of Rs 547.15 on May 20 to a 52-week low of Rs 216.10 on BSE. LIC increased its shares carrying voting rights to 26,592,423 from 18,182,991 in Yes Bank.

On Friday, the private banks stock closed up 4.7% at Rs 243.25 on BSE.

On Thursday, LIC had increased shareholding in SBI by 2.86% to 13.26% by acquiring 19.57 lakh share from the open market. The public sector banks stocks have moved between its 52-week high of R2,550 on January 10, 2013, and a 52-week low of R1,452.90 on Aug 28, 2013. SBI stock closed up 1.7% at R1,514.40 on Friday on BSE. LIC has also stepped up its buying in recent months to take advantage of lower stock prices, confirmed a senior official of the state-owned insurer.