The Reserve Bank of India has allowed Life Insurance Corp of India to acquire as much as 9.99 percent of HDFC Bank, the country’s largest private lender told stock exchanges on January 25.
“LIC has been advised by RBI to acquire the aforesaid major shareholding in the Bank within one year i.e. by January 24, 2025,” HDFC Bank said in an exchange filing. “Further, LIC must ensure that the aggregate holding in the Bank does not exceed 9.99 percent of the paid-up share capital or voting rights of the Bank at all times,” said HDFC Bank.
LIC owns a 5.19 percent stake in the bank, according to the lender’s shareholding pattern as of December 31.