LIC picks up additional 2% stake in Yes Bank

NEW DELHI: Country's largest insurer LIC has picked up additional 2 per cent stake in Yes Bank that would be worth about Rs 698 crore at current market prices.

LIC picked up 83.91 lakh shares or a little over 2 per cent of the paid up capital of the Yes Bank through open market transaction over a period of nearly 22 months, Yes Bank said in a filing on the BSE.

Yes Bank shares closed today at Rs 832.80 per unit, up 1.23 per cent, on the BSE. At today's closing price, LIC's purchase would be worth about Rs 698 crore.

The shares were bought between August 29, 2013 and June 8, 2015.

Prior to the acquisition, LIC was holding 6.31 per cent stake in the bank. Post acquisition, the holding of the insurance firm has increased to 8.36 per cent.

Recently, the bank announced plan to raise USD 1 billion (about Rs 6,400 crore) by fresh equity and Rs 10,000 crore through Non Convertible Debentures (NCDs) and bonds.

It has also got shareholders' approval for raising borrowing limit to Rs 50,000 crore, as also hiking the combined investment limit for FPIs and FIIs to 74 per cent.