Rbi Approves Lic To Increase Its Stake In Kotak Mahindra Bank

RBI approves LIC to increase its stake in Kotak Mahindra Bank

New Delhi, Nov 29, : The Reserve Bank of India (RBI), has approved the Life Insurance Corporation (LIC), to increase its stake at the Kotak Mahindra Bank.
The approval will allow LIC to increase its stake in the bank to 9.99%, up from the 4.96% it currently holds in the private lender.

 Rbi Approves Lic To Increase Its Stake In Kotak Mahindra Bank-TeluguStop.com

To acquire more than 5% of a private bank, the central bank must approve the acquisition.

“Kotak Mahindra Bank Ltd received an intimation (LIC) stating that the RBI had approved LIC for increasing its holdings in the Bank to 9.99% of the equity share capital of bank .,”,” the lender informed the exchanges Monday.

The central bank’s approval will be valid for one-year.

Monday’s close of Kotak Mahindra Bank shares was 2.39 percent higher than the previous close, at Rs 2,011.

ad-rv/vd #Kotak #Mahindra #Bank #Delhi

Follow Us on FacebookFollow Us on WhatsAppFollow Us on Twitter