NEWS & ADVICE : CREDIT CARDS
The Life Insurance Corporation Additional Equity Stake In The State Bank Of India
By Ankit Sharma
Sep 2, 2013
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Now, the LIC of India has a 13.26 % shareholding in the State Bank of India. Previously, the insurance service provider was having 10.4 percent. Recently, the LIC acquired 19.57 lakh shares from the open market. The corporation could have paid 49.15 crore Rupees for the additional shares. This amount is based on the share price of the State Bank of India, which is Rs. 1,489.25, which is down by .6% on the Bombay Stock Exchange. Now, the LIC enjoys its share capital of 684.03 crore Rupees. Earlier, it was 634.88 crore Rupees.

In the first quarter, the SBI suffered a decline of 13.6% and the standalone net profit is 3,241.08 crore Rupees, because of the increase in the bad debts and increased provisioning. Last year, the standalone net profit was 3,7532 crore Rupees, during the same period. However, the total income of the SBI has increased to 36,192.62 crore Rupees, from 32,415 crore Rupees, in a year.


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