LIC ups stake in IOB to over 5%

State-owned Life Insurance Corporation of India (LIC) has increased its share in Chennai-based public sector Indian Overseas Bank (IOB) to more than 5 per cent. The company had bought 2 lakh shares on January 14, 2009, which took the insurance behemoth’s total share of the 54.48 crore shares to 5.004 per cent, an IOB representative said. After the acquisition, LIC shareholding in the bank increased to 2,72,64,924 shares from 2,70,6,4924 shares.

Source:Insuremagic