LIC hikes stake in SBI to 9.16 per cent

State-run Life Insurance Corporation of India (LIC) has raised its stake in public sector State Bank of India by 2.12 per cent to 9.16 per cent through open market purchases, SBI said in filing with the Bombay Stock Exchange (BSE).

LIC bought 13.46 million shares of SBI, the country's largest lender, between mid November and early March, the filing showed.

Last month, the country's second largest bank, ICICI Bank, said LIC had increased its stake in the private lender to 9.38 per cent.