LIC hikes stake in BoB to 7.12%

The country's largest insurer, Life Insurance Corporation of India (LIC), has hiked its stake in Bank of Baroda (BoB) to 7.12% from 4.67% through stock market purchase.

LIC bought about 9.5 million shares for around Rs 150 crore through open market deals, state-owned BoB said in a filing to the Bombay Stock Exchange (BSE).

Prior to the aforesaid acquisition, LIC held 4.67% stake.

Shares of BoB closed at Rs 771.75, up 0.72% on the BSE.