Life Insurance Corporation of India (LIC) has bought 3.9 per cent (15,90,07,791 shares) of the Bank of India through open market acquisition. Before this acquisition, LIC held about 3.17 per cent stake in the Bank of India. After this acquisition, LIC now has 7.05 per cent, equivalent to 28,92,87,324 shares of Bank of India. This information was shared by the Bank of India to SEBI. As per SEBI guidelines, companies have to inform the stock exchanges when an entity holds more than 5 per cent shares in a listed company.
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Important takeaways for all competitive exams:
- LIC Headquarters: Mumbai;
- LIC Founded: 1 September 1956;
- LIC Chairman: M R Kumar.