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Life Insurance Corp. of India boosts stake in Punjab National Bank

Life Insurance Corp. of India raised its stake in Punjab National Bank to 13.935% from 9.891%.

The state-owned insurer acquired an additional 98,080,857 shares, or a 4.044% stake, in the bank. The disclosure came after Punjab National Bank raised 50 billion Indian rupees through a qualified institutional placement.

Following the share sale, the Indian government's stake in the bank dropped to 57.04% as of Dec. 14 from 65.01% as of September.

As of Dec. 21, US$1 was equivalent to 64.01 Indian rupees.