RBI: RIC approves LIC to increase stake in IndusInd Bank to 9.99%


New Delhi: Private Bank IndusInd Bank Said Friday RBI Has been approved Life Insurance Corporation To increase the stake in the bank to about 10 percent.
The bank has received notification from RBI on December 9, 2021 that it has allowed the bank’s shareholder Life Insurance Corporation (LIC) to acquire up to 9.99% of its total issued and paid up capital. The bank said in a regulatory filing on the stock exchanges.
The state-run insurance company holds 4.95 per cent of the bank’s total issued and paid-up capital.
The RBI’s approval is subject to ‘prior approval for acquisition of shares and voting private sector banks’ as well as compliance with its rules. SEBI And any guidelines or rules.
The Reserve Bank last month accepted most of the recommendations of its working group on corporate ownership of private sector banks, approving unregulated promoter shareholding in the first five years of operation. He recommended raising it from the current 15 per cent to 26 per cent after 15 years and also the new capital requirements.
This was considered beneficial for such banks Kotak Mahindra Bank And IndusInd Bank.
The approval is valid for a period of one year i.e. till December 8, 2022, the bank said.
Shares of IndusInd Bank rose marginally to Rs. Was 947.

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