Andhra Bank also said it has sold over 4.23 percent stake to LIC on a preferential allotment, without disclosing the amount.

Post the acquisition of additional shares in Dena Bank, LIC's stake in the lender has gone up to 14.5 percent from 11.63 percent earlier, Dena Bank said in a regulatory filing
today.

''Upon receipt of funds from LIC, the Issue Committee of the Board of Bank at its meeting held on March 30, has allotted 2,16,76,267 equity shares of Rs 10 each at a premium of Rs 19.92 per share amounting to Rs 64.86 crore to LIC of India, on preferential basis", the bank said.

Post the allotment, government's shareholding has decreased to 62.89 percent from existing 65 percent, it said.

The bank's scrip was trading at Rs 29.05, up 2.47 percent, on BSE.

Meanwhile, Andhra Bank said it has sold over 4.23 percent stake equivalent to 28,853,210 shares to LIC on a preferential allotment. The price per unit at which Andhra Bank sold shares to LIC was not provided. After the additional stake buy in Andhra Bank, LIC holds more than 14.39 percent in the lender, from earlier over 10.15 percent. Shares of the Andhra Bank were trading at Rs 51.70, up 3.50 percent, on BSE.

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