Life Insurance Corporation of India (LIC), the country’s largest insurer, has picked up additional 2% stake in Yes Bank that would be worth about Rs 698 crore at current market prices. The shares were bought between August 29, 2013 and June 8, 2015.
The insurer has picked up 83.91 lakh shares or a little over 2% of the paid up capital of the bank through open market transaction.
Prior to the acquisition, LIC was holding 6.31% stake in the bank. Post acquisition, the holding of the insurance firm has increased to 8.36%.
