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LIC increases stake in Bank of Maharshtra to 7.10% through QIP
The New Indian Express
|October 07, 2024
STATE-OWNED Life Insurance Corporation (LIC) has increased its stake in Bank of Maharashtra from 4.05% to 7.10% after the life insurer acquired 25,96,86,663 equity shares through the bank's qualified institutional placement (QIP).
Bank of Maharashtra raised ₹3,499 crore through issuance of 61,01,81,311 equity shares of face value ₹10 each to eligible qualified institutional buyers at the issue price of ₹57.36 per share against the floor price of ₹60.37 per equity share. LIC acquires 42.56% of the total shares issued through the QIP.
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