Reserve Bank of India allows LIC to increase stake in HDFC Bank to 9.99%
HDFC Bank further said LIC has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year, i.e., by January 24, 2025
 "Reserve Bank of India allows LIC to increase stake in HDFC Bank to 9.99%")
The Reserve Bank of India has approved Life Insurance Corporation (LIC) of India’s application for increasing its stake in HDFC Bank to 9.99 per cent. At present, LIC has a 5.19 per cent stake in HDFC Bank.
“The approval has been granted with reference to the application made by LIC to RBI,” HDFC Bank said in a notification to exchanges.
HDFC Bank further said LIC has been advised by RBI to acquire the aforesaid major shareholding in the bank within a period of one year, i.e., by January 24, 2025.
“Further, LIC must ensure that the aggregate holding in the bank does not exceed 9.99% of the paid-up share capital or voting rights of the bank at all times,” it said.
HDFC Bank stocks have been under pressure since the announcement of the October-December earnings last week. The bank’s shares dropped 1.41 per cent on Thursday, to close the day at Rs 1,435.30 per share.