Question

LIC increased its stake in Bank of Maharashtra to 7.10% by acquiring 25.96 crore shares at what price through QIP in October 2024?

• A. ₹ 65.36
• B. ₹ 50.25
• C. ₹ 60.63
• D. ₹ 57.36

Answer 1

Answer:

D. ₹ 57.36

In October 2024, LIC increased its stake in Bank of Maharashtra to 7.10% by acquiring 25.96 crore shares through a Qualified Institutional Placement (QIP), at an average price of ₹57.36 per share. The Life Insurance Corporation of India (LIC) has significantly boosted its stake in Bank of Maharashtra from 4.05% to 7.10%, as disclosed in an exchange filing on October 5, 2024. This increase follows the allotment of 25.96 crore equity shares priced at ₹57.36 each through a Qualified Institutional Placement (QIP). This strategic move reflects LIC's confidence in the bank's growth potential and is aimed at strengthening its balance sheet to support expansion plans.