LIC increases stake in Dena Bank to over 14%

An exterior view of Life Insurance Corporation of India's (LIC) headquarters is seen in Mumbai September 18, 2014. LIC Chairman S. K. Roy said he was "very bullish" about the banking, pharmaceutical, metals and IT outsourcing sectors because of expectations for a cyclical recovery and a stabilising rupee currency. Roy added LIC was headed for a "very good year", both in terms of its market investments and its core insurance business. The chairman said he expected growth of 12 percent in insurance premiums this fiscal year, in line with 13.4 percent last year. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS) - RTR46PN8

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LIC has acquired an over 4.5 percent stake in public sector lender Dena Bank in preferential allotment of shares over a period of nearly three months to mid-September.

LIC, the country's largest and the only state-owned life insurer, bought nearly 4.52 percent shares in Dena Bank in a period between May 23 to September 18, the bank said in a regulatory filing.

The equity sale to LIC was done through a preferential allotment of shares.

The stake buy by LIC is equivalent to 44,865,702 shares.

Prior to this additional stake purchase, LIC held over 9.73 percent (96,705,466 shares) stake in Dena Bank.

Thus, the current shareholding in Dena Bank by LIC has increased to over 14.25 percent, representing 141,571,168 shares, showed the regulatory filing.

The stock of Dena Bank today closed 0.48 per cent down at Rs 31.10 on BSE today.