LIC of India hikes stake to 10 pc in PNB

MUMBAI: Life Insurance Corporation of India (LIC) has hiked its stake in Punjab National Bank (PNB) to 10.04 per cent, after purchasing fresh shares from the market.

LIC has purchased 2,64,493 shares, representing 0.08 per cent stake, in the bank, PNB said in a disclosure on the Bombay Stock Exchange.

Prior to the said purchase, LIC held a 9.96 per cent stake in the bank, while now it holds 10.04 per cent, or 31,676,998 shares, of PNB.