Life Insurance Corp. has received approval from the Reserve Bank of India to acquire up to 9.99% stake in HDFC Bank Ltd.
The RBI has advised the state-run life insurer to acquire a stake in HDFC Bank by January 24, 2025, the bank said in an exchange filing on Thursday.
The approval was granted with reference to the application submitted by LIC to the central bank, the statement said.
As per regulatory norms, the aggregate shareholding of LIC cannot exceed 9.99% of the paid-up share capital of the bank at any time.
Shares of HDFC Bank closed 0.33 per cent lower at Rs 903.3 a piece, compared to a 0.51 per cent decline in the benchmark BSE Sensex.
