LIC gets RBI's nod to increase stake in Kotak Mahindra Bank

Published On: Monday, November 29, 2021 | By:

LIC gets RBI's nod to increase stake in Kotak Mahindra Bank

Private lender Kotak Mahindra Bank today ( November 29 )said that Life Insurance Corporation (LIC) has received approval from the Reserve Bank of India (RBI) to increase its stake in the Bank up to 9.99%. The approval is valid for a period of one year, the bank said. Currently, the life insurer holds 4.96 per cent in the private lender.As per RBI norms, prior approval of the RBI is required to increase stake in private banks beyond 5 per cent."We wish to inform you that Kotak Mahindra Bank Limited ("Bank") has received an intimation from Life Insurance Corporation of India ("LIC") stating that the Reserve Bank of India had granted its approval to UC, for increasing its holding in the Bank up to 9.99% of the paid up equity share capital of Bank," Kotak said in an exchange filing. LIC is one of the biggest institutional investors in India’s stock market and has stakes in a number of private and public sector banks. It also holds 49.24 per cent stake in IDBI Bank.

LIC is aiming to list on domestic bourses by March next year in an initial public offering estimated at $12 billion, set to be the country's biggest.Kotak Mahindra Bank, one of the largest private banks in India, boasts of a free float market capitalisation of nearly ₹3 lakh crore.

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