February 24, 2009 / 7:01 AM / 11 years ago

LIC raises ICICI stake to 9.38 pct

MUMBAI (Reuters) - State-run Life Insurance Corp of India has raised its stake in ICICI Bank by 2.04 percent to 9.38 percent through market purchases, a filing by India’s second largest bank to the stock exchange showed.

LIC bought 22.80 million shares for 14.56 billion rupees ($290 million) over the last four months, the filing showed.

ICICI shares tumbled 63.6 percent in 2008, compared to a 52 percent fall in the benchmark index. ICICI has fallen 27.9 percent so far in 2009.

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