The country’s largest insurer LIC has increased its stake in public sector lender Punjab National Bank to 13.93 percent through qualified institutional placement.
Post the acquisition of shares, Life Insurance Corporation’s stake in the bank, which earlier stood at 9.89 percent, increased by 4.04 percent to 13.93 percent, according to a regulatory filing.
The mode of acquisition/sale was qualified institutional placement, the filing revealed.
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