Life Insurance Corporation of India (LIC) announced that it has increased its stake in Bank of Maharashtra from 4.05 per cent to 7.10 per cent following a Qualified Institutional Placement (QIP).
In a regulatory filing, the insurance major said, “This is to inform that the Life Insurance Corporation of India (the Corporation) has increased its shareholding in Bank of Maharashtra (Company) from 4.05% (pre allotment) to 7.10% (post allotment) upon allotment of 25,96,86,663 equity shares in QIP of the said Company.”
The allotment was made under the guidelines of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, it added.
LIC informed the exchanges that the holding in the company has touched 5 per cent upon allotment of 3.376 per cent equity shares in the Bank at an average cost of Rs 57.36.
Bank of Maharashtra is a public sector bank and its segments include treasury, corporate/wholesale banking, retail banking and other banking operations. The market cap of the Bank stands at Rs 40,859.53 crore.
Earlier last month, LIC had announced that it has reduced its equity stake in Mahanagar Gas Ltd (MGL) by 2.091 per cent. After this, LIC’s shares in MGL went down from 9.030 per cent to 6.939 per cent between September 12, 2023 and September 26, 2024.