The Reserve Bank of India (RBI) has granted its approval to Life Insurance Corporation (LIC), shareholder of the IndusInd Bank, to raise stake in the private lender to up to 9.99 percent. LIC currently holds 4.95 percent of the total issued and paid up capital of IndusInd.
“The bank has received an intimation from the RBI on December 9 that it has granted its approval to LIC, which holds 4.95 percent of the total issued and paid-up capital of the bank, to acquire up to 9.99 percent,” IndusInd Bank said.
The said approval is valid for a period of one year i.e. up to December 8, 2022. Shares of IndusInd Bank were trading over 1 percent higher in Friday's opened deals at Rs 961 apiece on the BSE.
