The Life Insurance Corporation of India (LIC) shareholding in IDFC First Bank increased after the insurer acquired 18,60,34,900 shares at ₹80.63 apiece in a private placement offer by the lender.
From 0.20% of the pre-issue paid-up capital, the shareholding has increased to 2.68% of the post issue paid-up capital of the bank, LIC said in a filing on Thursday. In terms of number of shares, the holding has increased from a little more than 1.42 crore to more than 20.02 crore.
This follows the IDFC First Bank board approving preferential issue on private placement basis of a total of 39,68,74,600 shares at ₹80.63 each aggregating to ₹3,200 crore to six insurers. The number of preferential shares allotted to LIC was the highest followed by HDFC Life Insurance Company (8,06,15,200); Aditya Birla Sun Life Insurance Company (6,20,11,600); Bajaj Allianz Life Insurance Company (3,10,05,900); ICICI Lombard General Insurance Company (3,10,05,800); and SBI General Insurance Company Limited (62,01,200).
