TCI Cyprus Holdings, a London-based hedge fund, has informed that it has acquired 3.45% stake of State-run lender, Indian Overseas Bank (IOB), taking its holdings in the bank to 7.66%.

The bank registered a 24.88% growth in net profit to Rs 3,081.85 million for the quarter ended December 2007 as compared to Rs 2,467.81 million for the quarter ended December 2006.

Further, TCI Cyprus Holdings has raised its holding in Oriental Bank of Commerce, New Delhi-based public sector bank by 4.2 percent to 7.46 percent.

Recently, TCI Cyprus had acquired additional 3.09 percent in Vijaya Bank.