New Delhi, Jul 21 (PTI) Life Insurance Corporation of India (LIC) on Monday said it has increased its shareholding in State Bank of India (SBI) by acquiring an additional 0.28 per cent stake worth Rs 5,000 crore in the latest QIP.

LIC's holding in SBI has increased to 87.58 crore (87,58,59,380) equity shares or 9.49 per cent from 81.46 crore (81,46,59,869) equity shares or 9.21 per cent of the paid-up capital of the bank, according to a regulatory filing.

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SBI has raised Rs 25,000 crore through Qualified Institutional Placement (QIP) to fund business growth.

Total cost of acquisition is Rs 5,000 crore at the issue price of Rs 817 per share and the amount was transferred to the bank on Monday, it said.

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LIC said it is a long-term investment and listing commences on July 24, 2025.

Earlier in the day, SBI approved the allocation of 30,59,97,552 equity share at an issue price of Rs 817 per equity share of face value of Rs 1 each (including a premium of Rs 816 per equity share), it said.

The fund raising of up to USD 3 billion (about Rs 25,000 crore) through private placement in FY26 was approved by the SBI's central board in May. Thereafter, the shareholders had cleared the same in June.

SBI had last raised Rs 15,000 crore in 2017-18 through the QIP route.

Besides, the lender also announced that it received board approval to raise up to Rs 20,000 crore through additional tier 1 and tier 2 bonds in FY26.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)