India cenbank permits LIC to boost stake in Kotak Mahindra to just about 10%

BENGALURU, Nov 29 (Reuters) – India’s central financial institution has allowed state-run insurance coverage big Life Insurance coverage Company of India to extend its stake in Kotak Mahindra Financial institution Ltd (KTKM.NS) to as much as 9.99%, the non-public sector lender mentioned on Monday.

The insurer has a 4.96% stake as of Sept. 30 and is its fifth largest shareholder, in line with Refinitiv knowledge. A increase to 9.99% would make it the second largest investor within the financial institution.

Whereas asserting reformed guidelines on the construction of personal sector banks, the Reserve Financial institution of India had on Friday mentioned that non-promoter share holdings would proceed to be capped at 10% for people and non-financial establishments. learn extra

In the meantime, LIC is aiming to checklist on home bourses by March subsequent yr in an preliminary public providing estimated at $12 billion, set to be the nation’s largest. learn extra

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Reporting by Rama Venkat in Bengaluru and Nupur Anand in Mumbai; Enhancing by Devika Syamnath and Arun Koyyur

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