LIC Raises Stake in Central Bank of India Through Market Purchase
State-owned insurer Life Insurance Corporation has increased its holding in Central Bank of India to 6.06 per cent. The move came after the insurer bought 26.26 crore shares on May 22 through open-market transactions. Central Bank of India disclosed the change in filings to stock exchanges.
Transaction Details
The acquisition added 2.901 per cent to LIC's previous stake of 3.16 per cent. The shares were purchased at prevailing market prices on the designated date. Post-acquisition, the insurer now holds a combined position of 6.06 per cent in the public sector bank.
Market Reaction
Central Bank of India shares closed at Rs 31.29 on BSE, registering a marginal decline of 0.03 per cent from the prior session. The modest movement occurred on the same day the stake disclosure was made public. Market participants observed the transaction without significant price volatility.
Regulatory Disclosure Requirements
Listed companies must report substantial shareholding changes to exchanges under securities regulations. The disclosure allows investors and regulators to track ownership concentration in public sector banks. LIC's filing followed standard procedures for institutional investors exceeding defined thresholds.
