LIC hikes stake in Dena Bank

LIC has acquired an over 4.5 per cent stake in public sector lender Dena Bank in preferential allotment of shares over a period of nearly three months to mid-September. LIC, the countrys largest and the only state-owned life insurer, bought nearly 4.52 per cent shares in Dena Bank in a period between May 23 to September 18, the bank said in a regulatory filing. The equity sale to LIC was done through a preferential allotment of shares. The stake buy by LIC is equivalent to 44,865,702 shares. Prior to this additional stake purchase, LIC held over 9.73 per cent (96,705,466 shares) stake in Dena Bank. Thus, the current shareholding in Dena Bank by LIC has increased to over 14.25 per cent, representing 141,571,168 shares, showed the regulatory filing.