LIC Buys 0.18% Stake in Axis Bank for Rs 243 Crore

New Delhi: Building up its stake in Axis Bank, Life Insurance Corporation (LIC) has bought over 43 lakh shares, or a 0.18 per cent stake, in the private sector lender for about Rs 243 crore.

LIC, the country's biggest insurer, has bought a total of 43,90,201 additional shares in Axis Bank, upping its total shareholding to 12.04 per cent or 28,55,35,806 shares.

Earlier, LIC held a total of 281,145,605 shares, or an 11.85 per cent stake, in Axis Bank.

The buy value stands at over Rs 242.88 crore, Axis Bank said in a regulatory filing to the BSE.

The shares were purchased through the open market during April 13-17 this year.

Shares in Axis Bank, on Friday, ended at Rs 534.15 apiece on the BSE, down 3.23 per cent from the previous close.