LIC Increases Stake in IDFC First Bank
The Life Insurance Corporation (LIC) of India has increased its stake in IDFC First Bank, according to a filing on Thursday. LIC’s shareholding in IDFC First Bank has surged from 0.20% to 2.68%, translating from 1,42,01,484 shares to 20,02,36,384 shares, representing an investment of Rs 150 crore.
LIC acquired these shares at Rs 80.63 each through a private placement offer by IDFC First Bank on June 30. IDFC First Bank, with a market capitalization of Rs 57,059.68 crore, operates in the banking services sector and was formed by the merger of IDFC Bank and Capital First on December 18, 2018.
LIC’s shares rose by over 2% to Rs 1010.30 during the closing session on Thursday. The company reported a net profit of Rs 13,781.59 crore for the quarter ending March 31, 2024, a 4.5% increase from the previous fiscal year. LIC also recommended a final dividend of Rs 6 per equity share. The expense of management rose by nearly 15% to Rs 24,709.05 crore, and net income from investments increased by 24.43% year-over-year to Rs 84,425.45 crore in Q4FY24. Net profit for FY24 was Rs 40,676 crore, compared to Rs 36,397 crore in FY23.
