 "RBI, Reserve Bank of India")
The Reserve Bank of India has approved Life Insurance Corporation (LIC) of India’s application for increasing its stake in HDFC Bank to 9.99 per cent. At present, LIC has a 5.19 per cent stake in HDFC Bank.
“The approval has been granted with reference to the application made by LIC to RBI,” HDFC Bank said in a notification to exchanges.
HDFC Bank further said LIC has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year, i.e., 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,” it said.
HDFC Bank stocks have been under pressure since the announcement of the October-December earnings last week. The bank’s shares dropped 1.41 per cent on Thursday, to close the day at Rs 1,435.30 per share.
