LIC Increases Stake In Bank of Maharashtra To 7.1% From 4.05%
The bank allotted 25.96 crore equity shares through Qualified Institutional Placement, LIC said.
The Life Insurance Corporation of India has increased its shareholding in the Bank of Maharashtra from 4.05% to 7.10%, according to an exchange filing on Saturday. The bank allotted 25.96 crore equity shares through Qualified Institutional Placement, the exchange filing said.
Past Deals
Life Insurance Corp. of India 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. 11, 2024.
On Sept. 9, the biggest insurance provider increased its stake in Container Corp. to over 7.78% through a market purchase. Before the increase, its 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 trimmed 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.
LIC Q1 Performance
Life Insurance Corp. of India Ltd.'s profit increased during the first quarter of fiscal 2025.
The country's largest insurer saw its net profit rise 9% year-on-year to Rs 10,544 crore in the quarter-ended June, according to an exchange filing.
The insurers' net premium income rose 16% to Rs 1.14 lakh crore, while annualised premium equivalent grew 11% year-on-year to Rs 21,180 crore versus Rs 19,137 crore.
Its value of new business advanced 23.6% YoY from Rs 1,302 crore to Rs 1,610 crore, while VNB margin advanced to 13.9% from 13.7% YoY, up 20 bps.
