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    LIC to up stake in Kotak Mahindra Bank to nearly 10%

    Synopsis

    "Kotak Mahindra Bank has received an intimation from Life Insurance Corporation of India (LIC) stating that the Reserve Bank of India had granted its approval to LIC, for increasing its holding in the bank up to 9.99 per cent of the paid-up equity share capital of the bank," Kotak said in a regulatory filing on Monday.

    Kotak Mahindra Bank
    As of September 30, 2021, LIC held 4.96 per cent stake in the bank, as per data on BSE.
    New Delhi: Insurance behemoth LIC will raise its stake in private sector lender Kotak Mahindra Bank to nearly 10 per cent, after receiving grant of approval from t:he Reserve Bank of India (RBI). Kotak Mahindra Bank (Kotak) said it has received an intimation from LIC regarding the same.

    "Kotak Mahindra Bank has received an intimation from Life Insurance Corporation of India (LIC) stating that the Reserve Bank of India had granted its approval to LIC, for increasing its holding in the bank up to 9.99 per cent of the paid-up equity share capital of the bank," Kotak said in a regulatory filing on Monday.

    The hike in stake by LIC is subject to RBI's master directions on prior approval for acquisition of shares or voting rights in private sector banks and on ownership in private sector banks.

    It is also subject to Sebi regulations Foreign Exchange Management Act among others.

    The approval is valid for a period of one year, Kotak said.

    As of September 30, 2021, LIC held 4.96 per cent stake in the bank, as per data on BSE.

    Kotak Bank shares traded at Rs 2,020 on BSE, up 2.91 per cent from the previous close.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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