LIC raises Stake In Bank of Maharashtra To 7.1% from 4.05%

New Delhi: The Life Insurance Corporation of India has raised its shareholding in the Bank of Maharashtra from 4.05% to 7.10%, as per an exchange filing on Saturday. The bank issued 25.96 crore equity shares through Qualified Institutional Placement, as stated in the exchange filing.

Earlier, on Friday increased its stakeholding in Apollo Tyres Ltd. to 5.030% from 4.983% through an open market purchase.

Earlier on Sept. 12, LIC increased its stake in Indian Railway Catering and Tourism Corp. to 9.3% from 7.3% over nearly two years. Its shareholding in IRCTC rose from 5.82 crore shares to 7.44 crore shares during the period between Dec. 16, 2022, and Sept.

On Sept. 9, the biggest insurance provider increased its stake in Container Corp. to over 7.78% through a market purchase. Before the increase, it's holding in Container Corp. was 3.51 crore shares, or 5.773%, but it now stands at 4.74 crore shares, or 7.781%.

In August, the company reduced its stake in HDFC Asset Management Co. from 4.9% to 2.88%. LIC held 1.04 crore shares in the company before the stake sale, which it reduced to 61.58 lakh after.