Life Insurance Corporation of India (LIC) has received approval from the Reserve Bank of India (RBI) to increase its stake in IndusInd Bank to up to 9.99 per cent of the total issued and paid up capital of the private sector lender. LIC at present holds 4.95 per cent stake in the bank.
Also read: IPO-bound LIC’s investment income grew 16.66% in 2020-21
“…the bank has received an intimation from the RBI on December 9, 2021, that it has granted its approval to LIC, shareholder of the bank, who holds 4.95 per cent of the total issued and paid up capital of the bank, to acquire up to 9.99 per cent of the total issued and paid up capital of the bank…,” IndusInd Bank said in a stock exchange filing on Friday.
The approval is valid for a period of one year that is up to December 8, 2022, it further said. Previously, LIC had also received clearance from RBI to increase its stake in Kotak Mahindra Bank to 9.99 per cent.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.