LIC to raise stake in Kotak bank to 9.99%
The Hindu
LIC will raise its stake in private sector lender Kotak Mahindra Bank to almost 10%, after receiving grant of approval from the Reserve Bank of India (RBI).Kotak Mahindra Bank (Kotak) said it has rece
LIC will raise its stake in private sector lender Kotak Mahindra Bank to almost 10%, after receiving grant of approval from the Reserve Bank of India (RBI).
Kotak Mahindra Bank (Kotak) said it has received an intimation from LIC regarding the same.
“Kotak Mahindra Bank has received an intimation from Life Insurance Corporation stating that the Reserve Bank of India had granted its approval to LIC, for increasing its holding in the bank up to 9.99% of the paid-up equity share capital of the bank,” Kotak said in a regulatory filing on Monday. The approval is valid for a period of one year, Kotak said.
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