RBI has allowed LIC to raise its stake in Kotak Mahindra Bank to almost 10%
The Reserve Bank of India (RBI) has allowed India’s state insurance giant Life Insurance or LIC to increase its stake in Kotak Mahindra Bank Ltd up to 9.99%, the regional lender. private said Monday.
The insurer has a 4.96% stake as of September 30 and is its fifth largest shareholder, according to Refinitiv data.
An increase to 9.99% would make it the second largest investor in the bank.
While announcing reform rules on the structure of private sector banks, the RBI on Friday said that the shareholding ratio of NGOs will continue to be capped at 10 % for individuals and non-financial organizations.
Meanwhile, LIC is aiming to list on domestic exchanges next March in an initial public offering (IPO) estimated at $12 billion, considered the largest of all. water.
