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National Life Insurance Corporation (LIC) has notified stock exchanges that its stake in Pune-based Bank of Maharashtra has increased from 4.05 per cent to 7.10 per cent, following the allotment of 259 .6 million shares of the public bank during its qualified investigation. Institutional Placement Process (QIP).
LIC acquired 3.376 percent stake in the bank during the QIP process at an average cost of Rs 57.36.
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Bank of Maharashtra raised around Rs 3,500 crore under the QIP process by allocating 61.01 million shares of the bank to eligible institutional buyers at the issue price of Rs 57.33 per share, against a price of issue of Rs 60.37 per share.
Among the major investors in the QIP process, LIC received 42.56 percent of the total issue size, followed by ICICI Prudential Life Insurance, which received 8.51 percent, and Aditya Birla Sun Life, which received 5.67 percent.
First publication: October 6, 2024 | 3:59 p.m. STI