LIC Increases Stake In Andhra Bank And Dena Bank

The Life Insurance Corporation (LIC) has announced that the Public sector lender Dena Bank has raised Rs. 65 crore by issuing over 2 crore shares and Andhra Bank 4.23 per cent stake to LIC on a preferential allotment, without disclosing the amount.

On Wednesday Dena Bank has stated in the regulatory filing that Life Insurance Corporation stake in the lender has gone up to 14.5 per cent from 11.63 per cent earlier. These are the post-acquisition of additional shares in Dena Bank.

And Andhra Bank said that it has sold over 4.23 per cent stake equivalent to 28,853,210 shares to LIC on a preferential allotment. The price per unit at which Andhra Bank sold shares to LIC was not provided. After buying these additional stake buy in Andhra Bank, LIC holds more than 14.39 per cent in the lender, from over 10.15 per cent earlier.

Life Insurance Corporation (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of 1560482 crore (US$230 billion). 

The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.

Extra Info :
LIC Chairman : S K Roy
Dena Bank Chairman : Shri Ashwani Kumar
Dena Bank Headquarter : Mumbai
Founded In : 1938
Andhra MD & CEO : Suresh N Patel
Andhra Bank Headquarter : Hyderabad
Founded In 1923
So now lets discuss some questions related to this post :
1. Name the banks in which LIC has taken the stake ?
2. Who is the present chairman of LIC ?
3. Where is the headquarter of Dena Bank and Andhra Bank ?

Courtesy : Business Line

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