LIC Increases Shareholding in IDFC First Bank
Life Insurance Corporation of India (LIC) announced on Thursday that it has increased its shareholding in IDFC First Bank by 0.2 percent, now holding 2.68 percent of the bank’s post-issue paid-up capital. IDFC First Bank has a market capitalization of Rs 57,058.68 crore.
In a regulatory filing, LIC stated, “This is to inform that the Life Insurance Corporation of India has increased its shareholding in equity shares of IDFC First Bank Limited from 1,42,01,484 to 20,02,36,384, on a preferential basis, i.e., 0.20% of the pre-issue paid-up capital to 2.68% of the post-issue paid-up capital of the said Company.”
The shares were acquired at Rs 80 per share through a private placement offer issued by IDFC First Bank on June 30, 2024.
Earlier in May, the Board of Directors at IDFC First Bank approved a proposal to raise Rs 3,200 crore from LIC, SBI General Insurance, HDFC Life Insurance, and ICICI Lombard via a preferential issue of shares at Rs 80.63 apiece.
“Life Insurance Corporation of India has increased its shareholding in the equity shares of IDFC First Bank Limited from 1,42,01,484 to 20,02,36,384, on a preferential basis, i.e., from 0.20 percent of the pre-issue paid-up capital to 2.68 percent of the post-issue paid-up capital of the company (IDFC),” LIC stated in a regulatory filing.
