LIC gets RBI nod to hike stake in IndusInd Bank to 9.99%

IndusInd Bank has received an intimation from the RBI on December 9, 2021, that it has granted its approval to Life Insurance Corporation (LIC), shareholder of the Bank, who holds 4.95% of the total issued and paid up capital of the Bank, to acquire upto 9.99% of the total issued and paid up capital of the Bank, subject to compliance with the Master Direction on 'Prior Approval for Acquisition of Shares or Voting Rights in Private Sector Banks' dated November 19, 2015, Master Direction on 'Ownership in Private Sector Banks' dated May 12, 2016, regulations of the Securities and Exchange Board of India, the Foreign Exchange Management Act, 1999 and any other guidelines / regulations and applicable laws.

The said approval is valid for a period of one year i.e. up to December 8, 2022.

Shares of IndusInd Bank Limited was last trading in BSE at Rs. 946.30 as compared to the previous close of Rs. 945.50. The total number of shares traded during the day was 154062 in over 6497 trades.

The stock hit an intraday high of Rs. 950.00 and intraday low of 938.50. The net turnover during the day was Rs. 145479376.00.

Source : Equity Bulls

Keywords

IndusIndBank INE095A01012 INDUSINDBK RBIApproval LIC StakeIncrease