Canara Bank shares gain 1%; LIC doubles stake
Shares of Canara Bank advanced 1 per cent intraday after the country’s largest insurance company Life Insurance Corporation of India (LIC) raised its stake in the public sector bank. LIC upped its stake in the bank by 7.2 percent to 14.49% in April-June quarter from 7.29 percent in January-March quarter through preferential issue. In May, Canara Bank issued 4 crore equity shares at a price of Rs 380.08 apiece to LIC on preferential basis and received Rs 1,520 crore. Shareholders of the bank had passed special resolutions, on April 30, for issue and allotment of 4 crore shares to LIC.