The Life Insurance Corporation of India (LIC) has increased its stake in Bank of Maharashtra, as revealed in a recent exchange filing. In an official statement released on Saturday, LIC announced that its shareholding in the bank has risen from 4.05% to 7.10% following a Qualified Institutional Placement (QIP). Bank of Maharashtra is an Indian public sector bank headquartered in Pune. Click here to check government shareholding in PSU Banks.
According to LIC, “The Life Insurance Corporation of India has increased its shareholding in Bank of Maharashtra from 4.05% (pre-allotment) to 7.10% (post-allotment).” This increase is the result of LIC being allotted 25.96 crore equity shares as part of the QIP issued by the Bank of Maharashtra. With this new allotment, LIC’s stake in the bank has grown significantly.
The allotment complies with Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations. LIC confirmed its adherence to regulatory requirements, including the disclosure obligations outlined in the SEBI circular issued in July 2023.
A Qualified Institutional Placement allows 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. As a public sector bank, the capital infusion from this QIP is expected to bolster its balance sheet and support its expansion efforts. Click here to check government shareholding in PSU Banks
Bank of Maharashtra Shareholding (June 2024 Quarter)
| Summary | Jun 2024 |
| Promoter (Govt) | 86.5% |
| FII | 1.2% |
| DII | 4.6% |
| Public | 7.8% |
| Others | 0.0% |
Click here to download shareholding pattern pdf. Click here to check government shareholding in PSU Banks. The share price of Bank of Maharashtra is Rs.57.70 as of 4th October 2024.
As of October 2024 Bank of Maharashtra has a market cap of ₹408.45 Billion.
