New Delhi : Life Insurance Corporation of India i.e. LIC, one of the largest companies in the country, has planned to increase its contribution. Actually, insurance company LIC has increased its stake in Bank of Maharashtra. The company has given this information to the exchange in a filing.
Let us tell you that in an official statement on Saturday, LIC announced that it has increased its stake in the bank from 4.05 percent to 7.10 percent after Qualified Institutional Placement i.e. QIP. LIC has said in its statement that Life Insurance Corporation of India i.e. LIC has increased its stake in Bank of Maharashtra from 4.05 percent to 7.10 percent.
significant increase in ownership
The increase in stake comes after LIC was allotted 25.96 crore equity shares as part of the QIP issued by Bank of Maharashtra. Before this allotment, LIC held 4.05 per cent stake in the bank. With the new shares, LIC now holds 7.10 per cent stake, marking a significant increase in its ownership.
Compliance with regulatory requirements
The allotment was made under the guidelines of Regulation 30 of the Securities and Exchange Board of India (SEBI) Regulation (Listing Obligations and Disclosure Requirements). LIC noted that it has complied with the regulatory requirements, including those prescribed under the SEBI circular issued in July 2023, which governs disclosure obligations for listed entities.
strengthen the balance sheet
Qualified Institutional Placement is a way for listed companies to raise capital by issuing equity shares to institutional investors, and this transaction reflects LIC's confidence in the growth potential of Bank of Maharashtra. Bank of Maharashtra is one of the public sector banks, and this infusion of capital through QIP will help strengthen its balance sheet and support its expansion plans.
Total revenue increased
The net profit of Bank of Maharashtra has increased by 46.6 percent to Rs 1,293 crore in the first quarter of the financial year 2025-26. Last year this bank had registered a net profit of Rs 882 crore. The bank's total revenue for the quarter rose to Rs 6,769 crore from Rs 5,417 crore last year, according to a regulatory statement.
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