LIC increases stake in Punjab National Bank to 9.054%

Life Insurance Corporation of India (LIC) has increased its shareholding in Punjab National Bank (PNB) to 9.054%, up from 7.047% prior to the acquisition. This substantial acquisition of shares, disclosed under SEBI regulations, reflects a purchase of 230,635,870 shares. Concurrently, Fitch Ratings has affirmed PNB's Long-Term Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook, and upgraded the bank's Viability Rating (VR) to 'bb-' from 'b+'. These positive ratings actions from Fitch are underpinned by the bank's 70% state ownership. The rating upgrade reflects ongoing improvements in PNB's risk profile and financial performance improvements.