HDFC Bank announced on Thursday that the Reserve Bank of India (RBI) has allowed the Life Insurance Corporation (LIC) of India to acquire a 9.99 percent stake in the company.
‘LIC has been advised by RBI to acquire the aforesaid major shareholding in the Bank within a period of one year i.e. by January 24, 2025,’ HDFC Bank said in regulatory filing.
‘Pursuant to Regulation 30 of the SEBI Listing Regulations, we would like to inform you that the Reserve Bank of India (RBI) vide its letter dated January 25, 2024 addressed to Life Insurance Corporation of India (LIC), has accorded its approval to LIC for acquiring aggregate holding up to 9.99% of the paid-up share capital or voting rights of HDFC Bank Limited,’ the filing further mentioned.
LIC currently owns 5.19% stake in HDFC Bank. The insurance major had earlier sent an application to RBI regarding expanding its stake.
Shares on Thursday closed 1.4 percent lower at INR 1,440.70.
HDFC Bank reported a 2.65 per cent rise in consolidated net profit of INR 17,258 crore in its Q3 results as opposed to INR 16,811 crore net profit reported in Q2 ending in September 2023.
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