Sure Financial institution on Thursday mentioned LIC has acquired shut to five per cent shareholding within the financial institution by buying shares from the open market. With the contemporary acquisition, the maintain of LIC has elevated from 0.75 per cent to 4.98 per cent, Sure Financial institution mentioned in a regulatory submitting.
LIC bought 105.98 crore shares, reflecting 4.23 per cent stake, of the financial institution from the open market, the submitting mentioned.
Previous to this, LIC had 0.75 per cent stake in Sure Financial institution although 19 crore shares held. In all, it mentioned, LIC holding within the financial institution elevated to 4.98 per cent via 125 crore shares held.
The interval of acquisition is between September 21, 2017, and July 31, 2020, it mentioned.
Earlier this week, Moody’s Buyers Service upgraded Sure Financial institution’s long-term overseas foreign money issuer ranking by a notch to ”B3” from ”Caa1” after a Rs 15,000-crore capital elevating. Regardless of the improve, Sure Financial institution nonetheless stays underneath non-investment grade.
Obligations rated ‘B’ are thought-about speculative and are topic to excessive credit score threat, whereas these rated ‘Caa’ are judged to be speculative of poor standing and are topic to very excessive credit score threat.