Life Insurance Corporation of India (LIC) has hiked its stake in Punjab National Bank (PNB) to 10.04 per cent, after purchasing fresh shares from the market. Prior to this purchase, LIC held a 9.96 per cent stake in the bank, while now it holds 10.04 per cent, or 31,676,998 shares, of PNB. LIC has purchased 2,64,493 shares, representing 0.08 per cent stake, in the bank, PNB said in a disclosure on the Bombay stock exchange.

LIC has a significant holding in lot of blue chip Indian co's primarily in the Financial Services sector. This strong investment portfolio gives LIC sufficient leverage in its product management initiatives