India’s largest insurer, LIC, increases its stake in state run Andhra Bank
India’s largest insurer, LIC, has hiked its stake in state-run Andhra Bank to 10 per cent through stock market purchase, reported the Economic Times of India.
Life Insurance Corporation (LIC) has bought over 5.58 crore shares or 9.99 per cent stake in Andhra Bank on June 21 through open market deals, Andhra Bank said in a disclosure to the Bombay Stock Exchange, indicated the report.
Post acquisition, LIC now holds over 5.59 crore shares or a little over 10 per cent stake in the PSU lender. At the current market price, LIC's holding in Andhra Bank is valued at over Rs 750 crore, said the report.
Andhra Bank was founded in 1923 by Bhogaraju Pattabhi Sitaramayya. As of March 2011, bank operated 1632 branches, 981 ATMs, 25 extension counters and 38 satellite offices. It has two representative offices in Dubai and New Jersey.
Its current market cap is Rs.7,487 Cr and its shares is trading at Rs.133.80, down 0.11% on BSE. For quarter ending March 2011, it posted revenue of Rs.2,363.50 Cr with PAT of Rs.312.78 Cr, while for FY2011 it posted revenue of Rs.8,219.28 Cr with PAT of Rs.1,267.07 Cr, reported Deal Curry.
According to Deal Curry, recently, Singapore-based Orient Global Tamarind Fund Pte Ltd acquired 2.34% stake in Yes Bank for Rs.214.11 Cr through open market transaction.
The Life Insurance Corporation of India (LIC) is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses.
It has assets estimated of Indian US$207.61 billion. It was founded in 1956 with the merger of more than 200 insurance companies and provident societies.
Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India, at least 2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around 1.2 million agents for soliciting life insurance business from the public.
Over its existence of around 50 years, Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses, and contributed around 7 % of India's GDP in 2006.
Life Insurance Corporation (LIC) has bought over 5.58 crore shares or 9.99 per cent stake in Andhra Bank on June 21 through open market deals, Andhra Bank said in a disclosure to the Bombay Stock Exchange, indicated the report.
Post acquisition, LIC now holds over 5.59 crore shares or a little over 10 per cent stake in the PSU lender. At the current market price, LIC's holding in Andhra Bank is valued at over Rs 750 crore, said the report.
Andhra Bank was founded in 1923 by Bhogaraju Pattabhi Sitaramayya. As of March 2011, bank operated 1632 branches, 981 ATMs, 25 extension counters and 38 satellite offices. It has two representative offices in Dubai and New Jersey.
Its current market cap is Rs.7,487 Cr and its shares is trading at Rs.133.80, down 0.11% on BSE. For quarter ending March 2011, it posted revenue of Rs.2,363.50 Cr with PAT of Rs.312.78 Cr, while for FY2011 it posted revenue of Rs.8,219.28 Cr with PAT of Rs.1,267.07 Cr, reported Deal Curry.
According to Deal Curry, recently, Singapore-based Orient Global Tamarind Fund Pte Ltd acquired 2.34% stake in Yes Bank for Rs.214.11 Cr through open market transaction.
The Life Insurance Corporation of India (LIC) is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. It also funds close to 24.6% of the Indian Government's expenses.
It has assets estimated of Indian US$207.61 billion. It was founded in 1956 with the merger of more than 200 insurance companies and provident societies.
Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices located in different parts of India, at least 2048 branches located in different cities and towns of India along with satellite Offices attached to about some 50 Branches, and has a network of around 1.2 million agents for soliciting life insurance business from the public.
Over its existence of around 50 years, Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses, and contributed around 7 % of India's GDP in 2006.
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