LIC has increased its stake in the public sector Bank of Maharashtra. The corporation informed the stock market about this on Saturday. According to LIC, this increase in stake has been seen after share allotment through QIP. With this increase, LIC's stake in Bank of Maharashtra has crossed 5 percent on October 5, 2024. LIC's stock closed with a gain of about half a percent in Friday's trading.

What information has LIC given?

 

In the information sent to the stock market, LIC said that under Qualified Institutional Placement, 25,96,86,663 shares have been allotted to the corporation. Which is equal to 3.376 percent stake. These allotments have been allotted at the price of Rs 57.36 per share. With this allotment, LIC's stake in the bank has increased from 4.05 percent to 7.1 percent. In Friday's trade, the stock of Bank of Maharashtra closed at 57.66 with a decline of 1.4 percent. At the same time, the stock of LIC closed at 971 with a gain of 0.36 percent. Where else did LIC buy and sell? Earlier last month, LIC had informed that it reduced its stake in Mahanagar Gas by 2 percent through sale in the open market. At the same time, in September itself, the corporation had also given information about reducing its stake in Aurobindo Pharma. At that time the corporation had said that it has reduced its stake in the pharma company from 5.01 percent to 2.265 percent through open market sale between 25 November 2021 and 12 September 2024. On the other hand, in September itself, LIC also informed about increasing its stake in railway PSU stock IRCTC. The stake in the Miniratna PSU of the railway sector has been increased from 7.278 percent to 9.298 percent.