Updated on Saturday, November 21, 2009, 22:38 IST Tags:LIC

Mumbai: Life Insurance Corporation of India on Saturday said it has hiked its stake to 7.27 percent in state-owned Bank of Maharashtra, after buying shares worth Rs 39.70 crore, through open market transactions.

LIC has purchased 89,80,398 shares of the bank, representing 2.08 per cent stake, worth Rs 39.70 crore, Bank of Maharashtra said in a disclosure to the Bombay Stock Exchange.

LIC held 5.19 percent stake in the bank initially, now it holds 7.27 percent stake or 3,13,33,967 shares of Bank of Maharashtra.

- PTI