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LIC to bring in Rs 200 cr to IOB

Life Insurance Corporation of India is increasing its stake in Indian Overseas Bank to 14.5% from the current 10.21% by infusing Rs 200.04 crore into the bank. The bank, which saw its Q3 losses widen to Rs 1425 crore as it set aside more money to cover bad loans, has called for a shareholders’ meeting to get their approval for the preferential issue to LIC at Rs 23.18 a share. LIC will buy about 8.62 crore equity shares of the bank on a preferential basis for Rs 200.04 crore, bringing down the government’s stake to 77.32% from 81.19% and the stake of public shareholders’ marginally to 8.18% from 8.60%.

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