Life Insurance Corporation of India (LIC) has increased its stake in public sector lender Punjab National Bank (PNB) by 4.04% through qualified institutional placement. Post the acquisition of shares, the country’s largest insurer’s stake in the Bank, which earlier stood at 9.89%, increased to 13.93%.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.
