Lazard takes its voting stake in Bank of India to 5.05 per cent
04 May 2010
Lazard Asset Management LLC has acquired an additional 465,193 shares in Bank of India, taking its voting rights in the public sector bank to 5.05 per cent, comprising 26,540,797 equity shares.
Lazard acquired the shares in an open market transaction on the National Stock Exchange (NSE) on 28 April, Bank of India said in its disclosure under SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 to BSE.
The acquisition of shares add 0.08 percentage points to Lazard's voting rights in the bank. The company already held 26,075,604 shares in BoI, forming 4.97 per cent of the voting rights.
Lazard holds the shares on behalf of its clients and the acquisition is not intended as part of obtaining control of the company, BoI said in its filing with the stock exchange.