LIC boosts stake in Bank of Maharashtra, Apollo Tyres

Life Insurance Corporation of India (LIC) disclosed that the insurance major has increased its stake in Bank of Maharashtra to 7.10% from 4.05% and in Apollo Tyres from 4.983% to 5.030%.

The life insurer got allotted 25,96,86,66 shares, or 3.05% equity of Bank of Maharashtra, at an average cost of Rs 57.36 via qualified institutional placement (QIP) on 5 October 2024.

Further, the insurance mammoth bought ‬‬3,00,000 shares, at an average cost of Rs 531.53 via open market purchase. LICs holding in the Apollo Tyres touched 5% on 3 October 2024.

Apollo Tyres principal business activity is manufacturing and sale of automotive tyres.

Bank of Maharashtra is a public sector bank in India. The Government of India held 86.46% stake in the bank as of 30 June 2024.

LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.

Shares of LIC rose 0.36% to close at Rs 970.95 while Bank of Maharashtra declined 1.40% to end at Rs 57.66 and Apollo Tyres ended 2.68% lower at Rs 511.65 on the BSE.

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