The Life Insurance Corporation of India (LIC) has increased its ownership in SBI Cards and Payments Services, a non-banking financial company, to over 5%.
LIC’s Investment in SBI Cards:
LIC, acting as an investor, has bought over three lakh shares of SBI Cards and Payments Services recently. The average cost per share was ₹716.
Increase in Shareholding:
Following this purchase, LIC’s shareholding in SBI Cards has risen from 4.99% to 5.02%. This translates to an increase from 47,410,710 to 47,711,794 equity shares.
About SBI Cards and Payments Services:
SBI Cards and Payment Services is a significant non-banking financial company regulated by the RBI. It specializes in providing credit cards to consumers across India.
Market Reaction:
After this development, LIC’s shares on the Bombay Stock Exchange (BSE) witnessed a 5.42% decrease, closing at ₹1,022.30 each. In contrast, SBI Cards’ shares experienced a marginal decrease of less than 1%, ending at ₹712.50 apiece.