Life Insurance Corporation (LIC) has boosted its shareholding in Pune-based Bank of Maharashtra from 4.05% to 7.10%.
This increase follows LIC's acquisition of 259.6 million shares during the bank’s Qualified Institutional Placement (QIP) process at an average price of ₹57.36 per share. LIC's 3.376% equity purchase represents 42.56% of the total issue. The bank raised around ₹3,500 crore in the QIP, offering shares to institutional buyers at ₹57.33 each.