LIC to boost stake in Kotak financial institution to 9.99% following RBI approval


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

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

LIC will elevate its stake in personal sector lender Kotak Mahindra Financial institution to nearly 10%, after receiving grant of approval from the Reserve Financial institution of India (RBI).

Kotak Mahindra Financial institution (Kotak) mentioned it has obtained an intimation from LIC concerning the identical.

“Kotak Mahindra Financial institution has obtained an intimation from Life Insurance coverage Company 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% of the paid-up fairness share capital of the financial institution,” Kotak mentioned in a regulatory submitting on Monday. The approval is legitimate for a interval of 1 yr, Kotak mentioned.

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 is usually topic to SEBI rules International Trade Administration Act amongst others.

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

Kotak Financial institution shares traded at  ₹2,020 on BSE, up 2.91% from the earlier shut. Through the day, it gained 4.10 % to ₹2,043.55. On the NSE, it climbed 2.81 %  to shut at ₹ 2,019.60.



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