The country's largest insurer LIC has increased its stake in public sector lender Punjab National Bank to 13.93 per cent through qualified institutional placement.

Post the acquisition of shares, Life Insurance Corporation's stake in the bank, which earlier stood at 9.89 per cent, increased by 4.04 per cent to 13.93 per cent, according to a regulatory filing.

The mode of acquisition/sale was qualified institutional placement, the filing revealed.