LIC to boost stake in Kotak Mahindra Financial institution to almost 10%

Insurance coverage behemoth LIC will increase its stake in non-public 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 rising 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 non-public sector banks and on possession in non-public sector banks.

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

It is usually topic to Sebi rules International Change 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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