LIC Boosts Stake in Bank of Maharashtra with Strategic QIP Investment

The Life Insurance Corporation of India (LIC) has increased its stake in Bank of Maharashtra from 4.05% to 7.10% through a Qualified Institutional Placement (QIP). This strategic investment aims to bolster the bank's capital and expansion efforts, reflecting LIC's confidence in its growth potential.

The Life Insurance Corporation of India (LIC) has significantly increased its shareholding in the Bank of Maharashtra, as disclosed in a recent exchange filing. In an announcement made on Saturday, LIC revealed that it has raised its stake from 4.05% to 7.10% following a Qualified Institutional Placement (QIP).

After being allotted 25.96 crore equity shares through the QIP, LIC's ownership in the bank surged, highlighting a major rise from its previous 4.05% stake. This strategic move underscores LIC's faith in the bank's prospective growth, as per the official statement.

This allotment, made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, adheres to the July 2023 SEBI circular covering disclosure obligations. The capital infusion is poised to reinforce the bank's balance sheet and further its expansion plans.

(With inputs from agencies.)