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Mumbai : Kotak Mahindra Bank on Monday informed the bourses that the Reserve Bank of India (RBI) has permitted LIC to increase its holding in the private sector bank up to 9.99 percent.
At 14.00 hours, the Kotak Mahindra Bank stock was up 2.56 percent at Rs. 2,013.15 on the Bombay Stock Exchange.
“Kotak Mahindra Bank Limited has received an intimation from Life Insurance Corporation of India (LIC) stating that the Reserve Bank of India had granted its approval to LIC, for increasing its holding in the Bank up to 9.99% of the paid up equity share capital of Bank, subject to compliance with the provisions of the Master Direction on “Prior approval for acquisition of shares or voting rights in private sector banks dated November 19, 2015 and Master Direction on ‘Ownership in private sector banks’ dated May 12, 2016, provisions of the applicable regulations issued by the Securities and Exchange Board of India, provisions of the Foreign Exchange Management Act, 1999 and any other guidelines/regulations and statutes, as applicable. The approval is valid for a period of one year” the bank said in a regulatory filing.