IOB allots shares to LIC on preferential basis

India Infoline News Service | Mumbai |

LIC was issued 8.15 crore shares as part of the preferential allotment

Indian Overseas Bank (IOB) has raised Rs. 401 crore by allotting shares on a preferential basis to Life Insurance Corporation, according to a media report.
LIC also has bought shares from the open market to acquire 14.77% stake in the bank, the report added.
LIC was issued 8.15 crore shares as part of the preferential allotment. The insurer also picked up 8.62 lakh shares from the open market, IOB said in a filing to the Bombay Stock Exchange.
LIC bought a total of 8.23 crore shares of the bank at a rate of Rs 48.34 per share. With the transaction, LIC has increased its stake in IOB by 6.667%.
As on May 2012, LIC held 8.107% stake in the bank and the transaction took the total shareholding to 14.77%.


 

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