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LIC buys additional 3% stake in Bank of India

08 Jul 2017 Evaluate

Insurance behemoth Life Insurance Corporation of India (LIC) has bought an additional stake of over 3% in public sector Bank of India for about Rs 450.88 crore. The Bank of India has sold 33.50 crore shares to LIC through an open market purchase on a preference shares allotment at weighted average price (WAP) of Rs 134.59 apiece on June 28. With this, LIC’s stake in the bank has gone up to 14.25% from the earlier 11.13%.

The Bank reported a net loss of Rs 1045.54 crore for the quarter ended March 31, 2017 as compared to a net loss of Rs 3587.11 crore for the same quarter in the previous year. However, total income of the Bank increased 8.35% at Rs 12335.71 crore for quarter under review as compared to Rs 11384.91 crore for the quarter ended March 31, 2016. 

 

Peers
Company Name CMP
State Bank Of India 952.60
PNB 116.40
Bank Of Baroda 232.60
Canara Bank 121.45
Union Bank Of India 171.90
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