LIC gets RBI nod for increasing stake in Kotak Mahindra Bank to 9.99%

Kotak Mahindra Bank Limited ('Bank') has received an intimation from Life Insurance Corporation of India ('LIC') stating that the Reserve Bank of India had granted its approval to UC, 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.

Shares of Kotak Mahindra Bank Limited was last trading in BSE at Rs. 1962.95 as compared to the previous close of Rs. 2035.00. The total number of shares traded during the day was 39454 in over 3635 trades.

The stock hit an intraday high of Rs. 2014.00 and intraday low of 1955.00. The net turnover during the day was Rs. 77933934.00.

Source : Equity Bulls

Keywords

KotakMahindraBankLimited INE237A01028 KOTAKBANK LIC StakeIncrease RBIApproval