State-owned Life Insurance Corporation (LIC) has notified the exchanges that its shareholding in Pune-based Bank of Maharashtra has increased from 4.05 per cent to 7.10 per cent, following the allotment of 259.6 million shares of the state-owned bank during its qualified institutional placement (QIP) process.

LIC acquired 3.376 per cent equity of the bank during the QIP process at an average cost of Rs 57.36.

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Bank of Maharashtra raised around Rs 3,500 crore in the QIP process by allotting 61.01 million shares of the bank to eligible institutional buyers at the issue price of Rs 57.33 per equity share, against an issue price of Rs 60.37 per equity share.