LIC acquires 3.9% stake in Bank of India via open market acquisition

Life Insurance Corporation of India (LIC) has received 3.9 per cent (15,90,07,791 shares) of the Bank of India through open market acquisition on 2 september 2021.Before this acquisition, LIC held about 3.17 percent stake in the Bank of India. After this acquisition, LIC now has 7.05 percent, equivalent to 28,92,87,324 shares of Bank of India.

This information was shared by the Bank of India to SEBI. As per SEBI guidelines, companies have to inform the stock exchanges when an entity holds more than 5 percent shares in a listed company.

About Life Insurance Corporation of India (LIC)

• Chairperson: M R Kumar
• Headquarters: Mumbai
• Founder: Government of India
• Founded: 1 September 1956