RBI grants approval to LIC to up stake in IndusInd Bank to nearly 10%

Private bank IndusInd Bank on Friday said the RBI has given approval to Life Insurance Corporation to increase its stake in the bank to nearly 10 per cent.

The bank has received an intimation from the RBI on December 9, 2021, that it has granted its approval to LIC, a shareholder of the bank, to acquire up to 9.99 per cent of the total issued and paid-up capital of the bank, the bank said in a regulatory filing on stock exchanges.

The state-run insurer holds 4.95 per cent of the total issued and paid-up capital of the bank.

The RBI approval is subject to compliance with the direction on ‘Prior Approval for Acquisition of Shares and Voting Private Sector Banks’ as well as regulations of the SEBI and any guidelines or regulations.