LIC hikes stake in Bank of Maharashtra

Life Insurance Corporation of India said it has hiked its stake to 7.27 per cent in state-owned Bank of Maharashtra,after buying shares worth Rs 39.70 crore,through open market transactions.

LIC has purchased 89,80,398 shares of the bank,representing 2.08 per cent stake,worth Rs 39.70 crore,Bank of Maharashtra said in a disclosure to the Bombay Stock Exchange.

LIC held 5.19 per cent stake in the bank initially,now it holds 7.27 per cent stake or 3,13,33,967 shares of Bank of Maharashtra.