Bank of India shares rise 2% after LIC raises stake to 8.38%

Bank of India (BoI) shares jumped 2% to their day’s high of Rs 114.90 on the BSE on Wednesday, May 14, after the Life Insurance Corporation (LIC) announced that it has raised its stake in the public sector lender to 8.38% as of May 9.

LIC’s acquisition of approximately 2.026% additional stake occurred over a period spanning from September 2, 2021, to May 9, 2025, according to a stock exchange disclosure.

The state-owned insurer’s stake in BoI increased from 6.35% to 8.38% over the four-year period, highlighting its continued confidence in the bank’s performance and prospects.

As of the quarter ended March 2025, the promoter and promoter group hold a 73.38% stake in Bank of India, while 26.62% equity is held by the public shareholders. Among other notable public shareholders, SBI PSU Funda holds a 1.52% stake in the bank.

Also read: Reliance looks for $1.3-billion gloss finish to its exit from Asian Paints

Bank of India Q4 results

For the March quarter of FY25, Bank of India reported an 82.5% YoY surge in its profit after tax (PAT) at Rs 2,626 crore, while its net interest income (NII) rose 2.1% YoY to Rs 6,063 crore, compared to Rs 5,936 crore reported in the year-ago period.The bank also declared a final dividend of Rs 4.05 per share and has fixed June 20 as the record date for determining the shareholder eligibility.

Bank of India share price history

Over the past year, the stock of Bank of India declined by 9.60%. Year-to-date (YTD), it gained 9.64%. In the last 6 months, the stock rose by 7.55%, while the 3-month period saw an increase of 11.38%. For the past month, the stock recorded a 4.07% gain.

On Tuesday, Bank of India shares closed 2.3% higher at Rs 112.55 on the BSE.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)