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.