LIC increases shareholding in Bank of Baroda to 7.12%

The state-owned insurance company Life Insurance Corporation of India (LIC), has increased its shareholdings in public sector lender Bank of Baroda (BoB) to 7.12 per cent from current 4.67 per cent via stock market purchase.
The country's largest investor LIC has purchased about 95 lakh shares for an estimated amount of around Rs 150 crore through open market deals.
Before the said acqusition, LIC owns 4.67 per cent stake in financial company Bank of Baroda (BoB).
Recently, Voices of Tobacco Victims (VoTV), an NGO working for cancer patients, has revealed that the Life Insurance Corporation of India has invested up to Rs 3,500 crore in various tobacco companies, including Indian Tobacco Company (ITC), VST Industries and Dharampal Satyapal Ltd (DS Ltd).
Dr Pankaj Chaturvedi, a senior cancer surgeon with Tata Memorial Hospital who is associated with VoTV, said, “It's the greatest irony that the government spends Rs 10,000 crore on treatment of tobacco-related illnesses while investing Rs 3,500 crore in the industry causing it.”
According to reply, as of March 31, 2011 LIC held 99,58,91,658 equity shares in ITC, which is in around two-fold rise from 51,11,04,115 shares in March 2009.