LIC Ups Stake In SBI To 9.49% Via ₹50 Billion QIP Buy

Life Insurance Corp. of India has increased its stake in State Bank of India to 9.49% from 9.21% by subscribing to 61.20 million shares in the lender’s ₹250 billion qualified institutional placement. LIC said the shares were bought at ₹817 apiece, costing ₹50 billion in total.

The shares will be credited on Wednesday and listed on Thursday, the insurer said in an exchange filing.

Earlier, SBI had confirmed it raised ₹250 billion through the QIP. LIC’s net profit for the March quarter jumped over 38% on year to ₹190.13 billion, while net premium income fell 3.1% to ₹1.476 trillion.