kotak mahindra financial institution: LIC to up stake in Kotak Mahindra Financial institution to almost 10%


New Delhi: Insurance coverage behemoth LIC will increase its stake in personal sector lender Kotak Mahindra Financial institution to almost 10 per cent, after receiving grant of approval from t:he Reserve Financial institution of India (RBI). Kotak Mahindra Financial institution (Kotak) stated it has acquired an intimation from LIC relating to the identical.

“Kotak Mahindra Financial institution has acquired an intimation from Life Insurance coverage Company of India (LIC) stating that the Reserve Financial institution of India had granted its approval to LIC, for growing its holding within the financial institution as much as 9.99 per cent of the paid-up fairness share capital of the financial institution,” Kotak stated in a regulatory submitting on Monday.

The hike in stake by LIC is topic to RBI’s grasp instructions on prior approval for acquisition of shares or voting rights in personal sector banks and on possession in personal sector banks.

It’s also topic to Sebi laws International Trade Administration Act amongst others.

The approval is legitimate for a interval of 1 12 months, Kotak stated.

As of September 30, 2021, LIC held 4.96 per cent stake within the financial institution, as per information on BSE.

Kotak Financial institution shares traded at Rs 2,020 on BSE, up 2.91 per cent from the earlier shut.



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