Life Insurance Corporation of India (LIC) disclosed that the insurance major has increased its stake in Bank of Maharashtra to 7.10% from 4.05%.
The life insurer got allotted 25,96,86,66 shares, or 3.05% equity, at an average cost of Rs 57.36 via qualified institutional placement (QIP) on 5 October 2024.
Bank of Maharashtra is a public sector bank in India. The Government of India held 86.46% stake in the bank as of 30 June 2024.
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LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.
Shares of LIC rose 0.36% to close at Rs 970.95 and Bank of Maharashtra declined 1.40% to end at Rs 57.66 on the BSE.
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First Published: Oct 07 2024 | 8:41 AM IST
