Bank of Maharashtra raises ₹1,000 cr via QIP, LIC gets 8 cr shares

State-run Bank of Maharashtra has raised ₹1,000 crore through qualified institutional placement (QIP). For the QIP, the board approved the allotment of 35.1 crore shares to institutional buyers. Five institutional buyers were allotted more than 5% stake in the company, with LIC getting the largest allocation (8.34 crore shares). Aditya Birla Sun Life Insurance Company bagged 4.50 crore shares.