The Reserve bank of India (RBI) on Thursday accorded its approval to Life Insurance Corporation (LIC) for acquiring up to 9.99% stake of the paid-up share capital or voting rights of HDFC Bank.India’s largest insurer LIC has been advised by the banking regulator to acquire this shareholding in the bank within a period of one year by January 24, 2025.”Further, LIC must ensure that the aggregate holding in the Bank does not exceed 9.99% of the paid-up share capital or voting rights of the Bank at all times,” the HDFC Bank says in a regulatory filing.The approval has been granted with reference to the application made by LIC to RBI. The aforesaid approval granted by RBI is subject to the…
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Source: https://www.fortuneindia.com/amp/story/enterprise%2Flic-to-acquire-999-stake-in-hdfc-bank%2F115513