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The Life Insurance Corporation of India (LIC), India's largest insurance company, said on Thursday, July 4, that it acquired a 0.2 per cent stake in IDFC First Bank Limited for ₹80.63 per share, increasing its holding in the private sector lender.
LIC raised its stake in IDFC First Bank to 20.02 crore shares on a preferential basis from 1.42 crore shares.
The public insurer's investment in the bank stands at 2.68 per cent for a price of Rs.80.63 per share through the private placement offer, dated June 30, issued by IDFC First Bank.
IDFC First Bank's shares closed 0.40 per cent higher at ₹81.19 on Wednesday, July 3, compared with the previous day's close of ₹80.87.
According to the exchange filing, IDFC First Bank is a private-sector bank with a market value of ₹57,059.68 crore.
The private bank disclosed its plans to raise ₹3,200 crore and issue 39.68 crore shares through a preference share allotment in an exchange filing on May 30.
LIC's current stakeholding makes them the largest shareholder in the private bank at 2.68 per cent, followed by HDFC Life Insurance at 1.31 per cent, and Aditya Birla Life Insurance at 1.06 per cent.
IDFC First Bank aims to use the money raised to focus on high-asset-quality growth opportunities.