LIC Picks Over 3% additional Stake in Bank of India for Rs. 451 Crore

Insurance behemoth Life Insurance Corporation of India (LIC) has bought an additional stake of over 3% in public sector Bank of India for about Rs450.88 crore.

The Bank of India sold 33,500,000 shares equivalent to over 3.12% equity to LIC through an open market purchase on a preference shares allotment on 28 June 2017, as per bank’s regulatory filing.

Calculated on the stock weighted average price (WAP) of Rs134.59 apiece on 28 June, the valuation of the deal comes at over Rs450.87 crore. With this, LIC’s stake in the bank has gone up to 14.25% from the earlier 11.13%.

Stock of Bank of India on Friday closed 0.11% up at Rs. 140.80 on BSE.