Insurance behemoth Life Insurance Corporation (LIC) has increased its shareholding in the country’s largest bank State Bank of India by 2.86 per cent to 13.26 per cent by acquiring 19.57 lakh shares from open market.

At the current market price, LIC would have paid Rs 49.15 crore for acquiring additional stake in the bank.

Shares of SBI closed at Rs 1,489.25 apiece, down 0.6 per cent on the BSE.

Before the acquisition, LIC’s stake in the bank was 10.4 per cent, SBI said in a filing to the BSE.

After the acquisition of these additional shares, the equity share capital of the LIC has increased to Rs 684.03 crore from Rs 634.88 crore.

In the first quarter ended June of 2013-14, SBI had reported a 13.6 per cent decline in stand alone net profit to Rs 3,241.08 crore due to a rise in bad loans and increased provisioning.

It had a standalone net profit of Rs 3,752 crore in the same quarter last year.

Its total income increased to Rs 36,192.62 crore in the quarter (April-June) from Rs 32,415 crore in the same period a year-ago.

(This article was published on August 29, 2013)
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