LIC gains sway in Axis, buys 0.18% at Rs 243 cr

Building up its stake in private lender Axis Bank, country's biggest insurer LIC has bought over 43 lakh shares (0.18 per cent) from open market for about Rs 243 crore.

Life Insurance Corporation (LIC) has bought a total of 43,90,201 additional shares in Axis Bank, upping its total shareholding to 12.04 per cent (28,55,35,806 shares) Free Stock Share Tips

Earlier, LIC held a total of 281,145,605 shares, or 11.85 per cent, in Axis Bank.

The buy value stands at over Rs 242.88 crore, Axis Bank said, in a regulatory filing to the BSE.

The shares were purchased through the open market on April 13-17 this year.

Axis Bank shares closed at Rs 534.15 apiece on the BSE on Friday, down 3.23 per cent from the previous close Financial Astrology Trading Tips