LIC Gets RBI Nod To Acquire 9.99% Stake In HDFC Bank

Life Insurance Corp. has received the Reserve Bank of India's nod for acquiring up to a 9.99% stake in HDFC Bank Ltd.

The state-owned life insurer has been advised by the RBI to acquire the stake in HDFC Bank by Jan. 24, 2025, the bank said in an exchange filing on Thursday.

The approval has been granted with reference to the application made by LIC to the central bank, the statement said.

As per regulatory norms, LIC's aggregate holding cannot exceed 9.99% of the paid-up share capital of the bank at all times.

As of December 2023, LIC had 5.19% stake in the private lender, according to BSE data.

Shares of HDFC Bank closed 0.33% lower at Rs 903.3 apiece, as compared with a 0.51% decline in the benchmark BSE Sensex.