Life Insurance Corporation (LIC) Approved by RBI to increase shares of IndusInd Bank to 9.99%
The country’s largest insurer, Life Insurance Corporation of India (LIC), has received approval from the Reserve Bank of India (RBI) to increase its holdings in private lender IndusInd. Bank to 9.99% from the existing 4.95%.
“We are pleased to inform you that the Bank has received notice from RBI on December 9, 2021, that it has approved the Life Insurance Corporation (LIC), the Bank’s shareholder, holder of 4.95% of the Bank’s total issued and paid capital, for up to 9.99% of the Bank’s total issued and paid capital,” IndusInd Bank said in a filing. exchange according to regulations.
The investment will comply with the Principal Guidance on ”Pre-approval for the purchase of shares or voting rights in private sector banks” dated 19 November 2015, the Master Guide on ” Ownership in private sector banks ” on 12 May 2016, Securities and Exchange Commission of India (SEBI) regulations, Foreign Exchange Regulations Act 1999 and any guidelines/regulations any other regulations and applicable law, according to the statement.
The central bank’s approval is valid for a period of one year – through December 8, 2022.
