Union bank

LIC of India acquires more than 2% of the capital of Union Bank of India

Life Insurance Corporation of India (LIC) purchased 13 73 79 411 shares, or 2.01% of the capital of Union Bank of India from March 21, 2020 to December 15, 2021.

After the transaction, Life Insurance Corporation of India (LIC) increased its stake to 35 31 66 823 shares, or 5.167% of the capital, against 21 57 87 412 shares or 3.157% of the capital held by Union Bank of India. The transaction was executed as a market buy.

As of September 30, 2021, Life Insurance Corporation (LIC) of India held 5.06% of the capital while the Indian government held 83.50% of the bank’s capital.

Union Bank of India’s stand-alone net profit jumped 195.4% to Rs 1,526.12 crore on a 2.3% increase in total income to Rs 20,683.95 crore in Q2 FY22 from Q2 FY21.

Union Bank of India shares fell 1.95% to Rs 45.25 on BSE. Union Bank of India is a state bank.

Powered by Capital Market – Live News

(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting-edge commentary on relevant current issues.
However, we have a demand.

As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital editor