The country's biggest insurance service provider, LIC, has hiked its stake in Indian Overseas Bank (IOB) to 9.96 per cent after purchasing additional shares worth Rs 57.65 crore through open-market transaction.
Life Insurance Corp has purchased over 1.56 crore additional shares representing 2.86 per cent stake in the bank between February 19 and March 3, 2009, IOB said in a disclosure to the Bombay Stock Exchange.
Prior to the aforesaid purchase, LIC held 7.09 per cent stake and now it holds over 5.4 crore shares representing 9.96 per cent stake in IOB.
Shares of IOB were trading at Rs 44.10, up 1.85 per cent on the BSE.