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RBI allows LIC to hold 9.99% stake in IndusInd Bank

🔴 This will be subject to compliance with the Master Direction on ‘’prior approval for acquisition of shares or voting rights in private sector banks’’ Master Direction on ‘’Ownership in Private Sector Banks’’, the bank said.

By: ENS Economic Bureau | Mumbai |
December 11, 2021 1:37:30 am
Reserve Bank of India, RBI news, IndusInd Bank, IndusInd Bank news, Life Insurance Corporation, Business, stakeholders, stockholding, Indian Express, India news, current affairs, Indian Express News Service, Express News Service, Express News, Indian Express India News“The bank has received an intimation from the RBI on December 9 that it has granted its approval to Life Insurance Corporation, shareholder of the bank, who holds 4.95 per cent of the capital of the bank, to acquire up to 9.99 per cent of the total issued capital,” the bank said in an exchange filing. (File)

The Reserve Bank of India has approved the Life Insurance Corporation of India (LIC) to raise its stake in IndusInd Bank by up to 9.99 per cent.

“The bank has received an intimation from the RBI on December 9 that it has granted its approval to Life Insurance Corporation, shareholder of the bank, who holds 4.95 per cent of the capital of the bank, to acquire up to 9.99 per cent of the total issued capital,” the bank said in an exchange filing. This will be subject to compliance with the Master Direction on ‘’prior approval for acquisition of shares or voting rights in private sector banks’’ Master Direction on ‘’Ownership in Private Sector Banks’’, the bank said.

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