LIC's stake in Axis Bank crosses 10%

January 24, 2014

The stake of country’s largest life insurer Life Insurance Corporation of India (LIC) in Axis Bank crossed 10% after it picked up the private lender’s shares through open market transactions.

LIC is one of the promoters in Axis Bank, bought 52.07 lakh shares or over 1 % of paid-up capital worth Rs 625.64 crore between September 2013 and January 21, 2014.
With this acquisition, LIC’s stake in the private lender rose to 10.44% from 9.33 %. The total number of shares of Axis Bank with LIC have risen to 4.9 crore.
Shares of Axis Bank trading at Rs 1,184.85 per unit down 0.36 % over their previous close on the BSE.
Specified Undertaking of UTI (SUUTI), one of the promoters of Axis Bank, has appointed three merchant bankers for sale of its stake in the bank.
The merchant bankers selected for the stake sale: J P Morgan, Citigroup Global Markets and JM Financial Consultants.
The promoters of the Axis bank: SUUTI, General Insurance Corporation, New India Assurance and National Insurance Company.

Note: SUUTI, formed in 2003 is an offshoot of former UTI, holds 23.58% in the country’s third largest private sector lender Axis Bank.

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