Life Insurance Corporation of India (LIC) has increased its shareholding in equity shares of State Bank of India (SBI). The corporation has increased its shareholding from 81,46,59,869 to 87,58,59,380 i.e., 9.21% to 9.49% of the paid-up capital of SBI. The total cost of acquisition Rs 5000 crore at issue price of Rs 817 per equity share.
Life Insurance Corporation of India, popularly known as LIC is Indian state-owned insurance group and Investment Company.