Life Insurance Corporation of India: The country’s largest insurance company, LIC, has increased its stake in the Bank of Maharashtra to more than 5 percent. LIC made this deal at Rs 57.36 through Qualified Institutional Placement (QIP). The public sector insurance company sold a large stake in Mahanagar Gas Limited last month.
LIC’s Stake in Bank of Maharashtra Now Stands At 7.10 Percent
In an exchange filing, the Life Insurance Corporation of India informed that its stake in the Bank of Maharashtra has increased to 7.10 percent. Earlier, LIC had a 4.05 percent stake in this bank. The insurance company bought about 3.376 percent of the bank’s equity shares through QIP. This allotment was done under the rules of market regulator SEBI.
Stake In Mahanagar Gas Limited Was Sold Only Last Month
Bank of Maharashtra is a public sector bank that does treasury, corporate, wholesale, retail, and other types of work. Its market cap is currently Rs 40,859.53 crore. Earlier, LIC had decided to reduce its stake in Mahanagar Gas Limited. LIC sold its 2.091 percent stake in Mahanagar Gas, decreasing it from 9.030 percent to 6.939 percent. This deal was sold from 12 to 26 September.
LIC Shares Had Risen, Bank of Maharashtra Fell
LIC shares closed in the green on Friday, with a jump of more than Rs 3 on BSE and NSE. On the other hand, the stock of the Bank of Maharashtra closed with a slight decline at Rs 57.65 on the NSE. Market experts estimate that this deal may strengthen the stocks of both Bank of Maharashtra and LIC.
