LIC stake in Axis Bank crosses 10pc

NEW DELHI, Jan 22 (PTI): The stake of country's largest life insurer LIC in Axis Bank has crossed 10 per cent after it picked up the private lender's shares through open market transactions.

LIC, one of the promoters in Axis Bank, bought 5.2 million shares or over 1 per cent of paid-up capital worth Rs 6.26 billion between September 2013 and January 21, 2014.

With the acquisition, LIC's stake in the private lender rose to 10.44 per cent from 9.33 per cent, Axis Bank said in a filing on the BSE. The total number of shares of Axis Bank with LIC have risen to 40.9 million.

Shares of Axis Bank were trading at Rs 1,184.85 per unit down 0.36 per cent over their previous close on the BSE.