LIC purchased 7% BOI share is it 1st stage of Privatization

Bank of India said LIC has picked up nearly 4% equity shares of the bank through an open market transaction a day earlier. LIC has picked up nearly 3.9% (15,90,07,791 shares) of the bank through open market acquisition on September 2, 2021,Previously LIC brought 3% share of BOI. So total 7% share of BOI LIC captured already.Is it 1st stage of privatization Bank of India said in a regulatory filing