Kotak Mahindra Bank informed the exchanges on Monday that the Life Insurance Corporation of India has received the Reserve Bank of India’s approval to increase its stake in the company up to 9.99%.
Do note, as of September 30 this year, LIC held a 4.96% stake in Kotak Mahindra Bank. The RBI nod is valid for one year, the company said in its exchange filing. “We wish to inform you that Kotak Mahindra Bank Limited (“Bank”) has received an intimation from Life Insurance Corporation of India (“LIC”) stating that the Reserve Bank of India had granted its approval to UC, for increasing its holding in the Bank up to 9.99% of the paid-up equity share capital of Bank,” the company said.
Source: Economic Times