LIC’s stake in Axis Bank has crossed 10% after it picked up the bank’s shares through open market transactions. LIC, one of the promoters in Axis Bank, bought 52.07 lakh shares or over 1% of paid-up capital worth Rs 625.64 crore between September 2013 and 21 January 2014. With the acquisition, LIC’s stake in the private lender rose to 10.44% from 9.33%. The total number of shares of Axis Bank with LIC have risen to 4.9 crore.
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