LIC gets central bank approval to hike stake in IndusInd Bank to 9.99%

LIC is one of the biggest institutional investors in India's stock market and has a stake in a number of private and public sector banks.

The Reserve Bank of India has approved the Life Insurance Corporation of India (LIC) to raise its stake in IndusInd Bank by up to 9.99 per cent. The insurer holds 4.95 per cent in the private lender.

The bank, in a BSE filing, said it the central bank told it about the approval on Thursday. The approval is subject to compliance with various regulations and rules including Master Direction on 'Ownership in Private Sector Banks and regulations of the Securities and Exchange Board of India.

The approval is valid for one year--that is up to December 8, 2022.

As per