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Corporation Bank to Buy Stake in LIC Nomura Mutual Fund

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Corporation Bank to Buy Stake in LIC Nomura Mutual Fund
New Delhi: Corporation Bank on Wednesday said it will buy a 4 per cent stake in LIC Nomura Mutual Fund Asset Management Company from existing shareholders for Rs 5.67 crore.

The bank is going to acquire 4 per cent shareholding from the existing shareholder namely Nomura Asset Management Strategic Investments PTE Limited of LIC Nomura Mutual Fund Asset Management Company Ltd, Corporation Bank said in a regulatory filing.

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The stake buy will be at a price of over Rs 5.67 crore as per the valuation derived, it added.

Shares in Corporation Bank, on Wednesday, ended 0.82 per cent lower at Rs 42.30 apiece on the BSE, whose benchmark Sensex index finished down 0.68 per cent lower.

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