LIC purchases 4.68% stake in Bank of Maharashtra

Life Insurance Corporation of India (LIC) has purchased about 2.76 crore shares of Bank of Maharashtra. It has acquired 4.68% stake in the bank through market operations. After this purchase LIC’s stake in the bank has increased to 9.97%.

Recently, Bank of Maharashtra (BoM) has inked pact with Mahindra & Mahindra by signing a preferred financier agreement. As per the agreement M&M customers will get benefit from the vehicle finance services from any of the 1,589 branches of the bank.