Insurance behemoth LIC has bought an additional stake of over 3 per cent in public sector Bank of India for about Rs 450.88 crore. The Bank of India sold 33,500,000 shares equivalent to over 3.12 per cent equity to LIC through an open market purchase on a preference shares allotment on June 28, 2017, as per bank’s regulatory filing.
Calculated on the stock weighted average price (WAP) of Rs 134.59 apiece on June 28, the valuation of the deal comes at over Rs 450.87 crore. With this, Life Insurance Corporation’s (LIC) stake in the bank has gone up to 14.25 per cent from the earlier 11.13 per cent. Stock of Bank of India today closed 0.11 per cent up at Rs 140.80 on BSE.