LIC Acquires Additional Stake Worth Rs 1,500 Crore In IDFC First Bank

Life Insurance Corp. of India on Thursday has acquired additional stake in IDFC First Bank for Rs 1,499.9 crore. The acquisition was through private placement.

The company has acquired 2.48% stake, representing 18.60 crore equity shares through private placement, it announced through an exchange filing on Thursday. LIC bought the shares at Rs 80.63 apiece, as per private placement offer issued by IDFC First Bank on June 30.

LIC's shareholding in the bank has increased to 2.68% from the earlier 0.20%.

LIC in June denied reports of a mega sale of its land assets that can fetch the state-owned insurer up to $7 billion, calling it "incorrect".

Shares of LIC closed 2.23% higher at Rs 1,010.20 apiece and IDFC First Bank closed 0.36% up at Rs 81.17 apiece. This compares to a 0.06% advance in the NSE Nifty 50.