Life Insurance Corporation of India’s (LIC) shareholding in SBI Cards and Payments Services crossed 5% with the insurer, as an investment function, acquiring recently a little more than three lakh shares in the non-banking financial company at an average cost of ₹716 per share.
The shareholding has increased from 4.99% to 5.02% (47,410,710 to 47,711,794 equity shares) following the open market purchase, LIC said in a filing on Monday. SBI Cards and Payment Services is a non-deposit accepting systemically important NBFC, registered with the RBI, and engaged in issuing credit cards to consumers in India.
While LIC shares on the BSE closed 5.42% lower at ₹1,022.30 each, SBI Cards ended less than 1% at ₹712.50 apiece.
