LIC picks up additional 5% stake in Dena Bank

Dena Bank issued 5% equity in favour of LIC of India on Preferential Allotment. With this the total holding of LIC in Dena Bank stood at 6%. And the government stake is reduced to 55%. The move has come after government which is cash strapped to infuse fresh equity to the government banks requested LIC to pick up the stake. The deal is valued at around Rs.125 crore.