LIC gets RBI approval to hike stake in KMB to 9.9%
- The RBI norms mandate that every person or an entity who intends to make an acquisition in private banks of more than 5% stake has to take prior approval from the central bank
MUMBAI : Life Insurance Corporation of India has received approval from the RBI to raise its stake in Kotak Mahindra Bank to up to 9.99%, the bank informed the stock exchanges on Monday. LIC held 4.96% stake in the private lender as on 30 September 2021.
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