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LIC has raised stake in Canara Bank, Bank of Baroda

The Life Insurance Corporation (LIC) has raised stake in Canara Bank by about 7.7 percent through preferential allotment of shares.

It also has increased its stake in Bank of Baroda (BoB) through buying 4.7 crore shares from the open market.

After the acquisition, LIC’s stake in BoB increased by 2.1 percent to 11.4 percent. LIC has acquired the stake for about a consideration of Rs 750 crore as per the current price.

BoB in a filing to BSE said that these shares were acquired over a period between January 16 and May 25, 2015 from the open market.

While, LIC’s stake in Canara Bank has gone up to 14.4 percent with the acquisition of 4 crore shares for a consideration of Rs 1,520.32 crore, LIC said in a separate filing on the BSE.

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