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State owned Life Insurance Corporation of India has got approval from the Reserve Bank of India to increase its stake in Kotak Mahindra Bank to 9.99 per cent.
LIC currently holds 4.96 per cent stake in the bank as of September 30, 2021.
Kotak Mahindra Bank, in a stock exchange filing on Monday, said it has received an intimation from LIC stating that the RBI had granted its approval for increasing its holding in the Bank up to 9.99 per cent of the paid-up equity share capital, subject to compliance with the provisions of the ‘Master Direction on Prior approval for acquisition of shares or voting rights in private sector banks dated November 19, 2015’, and ‘Master Direction on Ownership in private sector banks dated May 12, 2016’, provisions of the applicable regulations issued by the Securities and Exchange Board of India and Foreign Exchange Management Act, 1999.
The approval is valid for a period of one year, it further said.
Kotak Mahindra Bank’s scrip closed 2.92 per cent higher at ₹2,020.20 apiece on BSE on Monday.
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