LIC, FIIs Marginally Raise Stake In SBI In June Quarter

State Bank of India filed its shareholding pattern data with the exchanges on July 8.

What Happened: As per the filing, the public bank saw India’s biggest insurer, LIC up its stake during the April-June quarter. As per the data, LIC owned 78.83 crore shares or an 8.93% stake in the company at the end of March. Now LIC owns 79.96 crore shares or a 9.06% stake in India’s biggest lender.

See Also: Larsen & Toubro Bags ‘Mega' Orders For Solar Plants In Middle East

Foreign Institutional Investors also raised their stake in the bank marginally during the June quarter. As per the latest data, 1,064 foreign portfolio investors own a total of 98.49 crore shares or an 11.16% stake in the public lender. This is an increase from the around 97 crore shares or 11.09% stake they held at the end of the March quarter.

However, the Government of Singapore, which has been holding an over 1% stake in SBI, since 2019 did not appear in the latest released filing.

Mutual Funds, on the other hand, trimmed stake in the bank. From 11.61% at the end of the March quarter, it now stands at 11.12%. Nippon, SBI and HDFC mutual funds hold around 5.59% stake in the lender.

Price Action: SBI’s share price was down 0.24% to trade at ₹857.65 on Monday afternoon.

Read Next: Analysts Say RVNL Shares Could Test ₹725 Levels After Breakout On Daily Charts

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesNewsMarketsState Bank of India