The country's largest insurance company, The Life Insurance Corporation of India (LIC), on Thursday (July 4), through an exchange filing announced that it has increased its shareholding in IDFC First Bank Limited from 0.20 per cent to 2.68 per cent of the bank's post-issue paid-up capital.
Details of the Share Purchase
LIC's stake in IDFC First Bank has increased from 1.42 crore shares to 20.02 crore shares.
This surge was achieved through a preferential allotment at Rs 80.63 per share, according to an exchange filing dated June 30th.
The shares were acquired via a private placement offer.
SEBI Tells Stock Brokers: Put Mechanisms in Place To Prevent Market Abuse And FraudFundraising Efforts by IDFC First Bank
IDFC First Bank recently announced its plan to raise Rs 3,200 crore through the issuance of 39.68 crore preference shares. This fundraising effort was outlined in an exchange filing on May 30th, and the increased stake by LIC is part of this broader capital-raising initiative.
Shares performance
The shares of LIC on Thursday closed at Rs 1,010.30, up by 2.24 per cent.
LIC shares performance
Conversely, , IDFC First Bank's shares saw a slight increase, closing at Rs 81.13, up by 0.31 per cent.
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