Life Insurance Corporation (LIC) Gets RBI's Approval To Hike Its Stake IndusInd Bank To 9.99%

The nation's largest insurer Life Insurance Corporation of India (LIC) obtained approval from the Reserve Bank of India (RBI) to boost its holding in personal lender IndusInd Bank to 9.99 per cent from the present 4.95 per cent. "We are pleased to inform you that the Bank has received an intimation from the RBI on December 9, 2021, that it has granted its approval to Life Insurance Corporation (LIC), shareholder of the Bank, who holds 4.95 per cent of the total issued and paid-up capital of the Bank, to acquire upto 9.99 per cent of the total issued and paid-up capital of the Bank," IndusInd Bank stated in a regulatory alternate submitting.The funding will likely be topic to compliance with the Master Direction on ''Prior Approval for Acquisition of Shares or Voting Rights in Private Sector Banks'' dated November 19, 2015, Master Direction on ''Ownership in Private Sector Banks'' dated May 12, 2016, rules of the Securities and Exchange Board of India (SEBI), the Foreign Exchange Management Act, 1999 and another tips/rules and relevant legal guidelines, based on the assertion.The central financial institution's approval is legitimate for a interval of 1 12 months - as much as December 8, 2023.