New Delhi: Private Banks indusind bank said on friday reserve Bank of India Permission has been granted life insurance corporation There are plans to increase the stake in the bank to around 10 per cent.
The bank has received an intimation from RBI on December 9, 2021 that it has approved Life Insurance Corporation (LIC), the shareholder of the bank, to acquire up to 9.99 per cent of the total issued and paid-up capital. Bank, the bank said in a regulatory filing on stock exchanges.
The state-run insurer holds 4.95 per cent of the bank’s total issued and paid-up capital.
RBI’s approval is subject to ‘prior approval for acquisition of shares and voting of private sector banks’ as well as compliance with the rules. Self and any guidelines or rules.
The Reserve Bank last month accepted most of its working group’s recommendations on corporate ownership of private sector banks by allowing unrestrained promoter shareholding in the first five years of operations. It also recommended new capital requirements to be raised from the existing 15 per cent to 26 per cent after 15 years.
It was deemed beneficial to banks like Mahindra Bank Box and IndusInd Bank.
The said approval is valid for a period of one year i.e. till December 8, 2022, the bank said.
IndusInd Bank shares were up marginally at Rs 947 on BSE in afternoon trade.
The bank has received an intimation from RBI on December 9, 2021 that it has approved Life Insurance Corporation (LIC), the shareholder of the bank, to acquire up to 9.99 per cent of the total issued and paid-up capital. Bank, the bank said in a regulatory filing on stock exchanges.
The state-run insurer holds 4.95 per cent of the bank’s total issued and paid-up capital.
RBI’s approval is subject to ‘prior approval for acquisition of shares and voting of private sector banks’ as well as compliance with the rules. Self and any guidelines or rules.
The Reserve Bank last month accepted most of its working group’s recommendations on corporate ownership of private sector banks by allowing unrestrained promoter shareholding in the first five years of operations. It also recommended new capital requirements to be raised from the existing 15 per cent to 26 per cent after 15 years.
It was deemed beneficial to banks like Mahindra Bank Box and IndusInd Bank.
The said approval is valid for a period of one year i.e. till December 8, 2022, the bank said.
IndusInd Bank shares were up marginally at Rs 947 on BSE in afternoon trade.
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