LIC hikes stake in IOB to 9.96%

LIC hikes stake in IOB to 9.96%
PTI
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First Published: Mon, Mar 16 2009. 11 53 AM IST
Updated: Mon, Mar 16 2009. 11 53 AM IST
Mumbai: The country’s biggest insurance service provider, LIC, has hiked its stake in Indian Overseas Bank (IOB) to 9.96% after purchasing additional shares worth Rs57.65 crore through open-market transaction.
Life Insurance Corp has purchased over 1.56 crore additional shares representing 2.86% stake in the bank between 19 February and 3 March, 2009, IOB said in a disclosure to the BSE.
Prior to the aforesaid purchase, LIC held 7.09% stake and now it holds over 5.4 crore shares representing 9.96% stake in IOB.
Shares of IOB were trading at Rs44.10, up 1.85% on the BSE.
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First Published: Mon, Mar 16 2009. 11 53 AM IST