{"id":5749,"date":"2021-11-29T14:17:30","date_gmt":"2021-11-29T08:47:30","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-kotak-lic-stake\/"},"modified":"2021-11-29T16:30:31","modified_gmt":"2021-11-29T11:00:31","slug":"biz-kotak-lic-stake","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-kotak-lic-stake\/","title":{"rendered":"Life Insurance Corporation of India to up stake in Kotak to nearly 10%"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2646747626\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p><span style=\"font-weight: 400;\">Insurance behemoth Life Insurance Corporation of India will raise its stake in private sector lender Kotak Mahindra Bank to nearly 10 per cent, after receiving a grant of approval from the Reserve Bank of India (RBI). This is also subject to SEBI regulations, Foreign Exchange Management Act among others.<\/span><\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3131612081\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p><span style=\"font-weight: 400;\">Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment corporation under the ownership of the Ministry of Finance, Government of India.<\/span><\/p><p><span style=\"font-weight: 400;\"><a href=\"https:\/\/portal.tradebrains.in\/stock\/KOTAKBANK\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Kotak Mahindra Bank Limited<\/a>, the third-largest private sector bank in India, offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">The RBI norms mandate that for every person or an entity who intends to make an acquisition in Private Banks of more than 5% stake, prior approval is needed from the Central Bank.<\/span><\/p><div class=\"trade-content_5\" id=\"trade-1527842215\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p><span style=\"font-weight: 400;\">Currently, LIC holds 4.96% in Kotak Bank, as per the information available from the shareholding pattern till 30 September.<\/span><\/p><p><span style=\"font-weight: 400;\">Kotak Mahindra Bank (Kotak) said it has received an intimation from LIC regarding the same. The approval is valid for a period of one year, Kotak said.<\/span><\/p><p><span style=\"font-weight: 400;\">\u201cKotak Mahindra Bank has received an intimation from Life Insurance Corporation of India (LIC) stating that the Reserve Bank of India had granted its approval to LIC, for increasing its holding in the bank up to 9.99 per cent of the paid-up equity share capital of the bank,\u201d Kotak said in a regulatory filing on Monday.<\/span><\/p><p><span style=\"font-weight: 400;\">In recent times, LIC has acquired an interest in other companies as well.\u00a0 In September, LIC increased its stake in the Bank of India by over 3.17 per cent to hold a total stake of 7.05 per cent. Earlier this month, Life Insurance Corporation also bought 79,000 equity shares or 0.02% stake of <a href=\"https:\/\/portal.tradebrains.in\/stock\/AUROPHARMA\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Aurobindo Pharma<\/a>.<\/span><\/p><p><span style=\"font-weight: 400;\">The Union government is planning the initial public offering (IPO) of Life Insurance Corp. of India (LIC) Ltd in the March quarter next year. This will be one of the biggest IPOs in India. The government is looking to offload about a 10 per cent stake in LIC through the IPO with a disinvestment target of \u20b91.75 trillion in FY22.<\/span><\/p><p><span style=\"font-weight: 400;\">After the news, <a href=\"https:\/\/portal.tradebrains.in\/stock\/KOTAKBANK\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Kotak Bank shares<\/a> traded at Rs 2,020 on BSE, up 2.91 per cent from the previous close. <\/span><\/p><div class=\"trade-content-10\" id=\"trade-3121778153\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>ALSO READ &#8211; <a href=\"https:\/\/tradebrains.in\/uday-kotak-success-story\/\">Uday Kotak\u2019s Success Story: An Inspiring Journey of India\u2019s Richest Banker<\/a><\/p><\/blockquote><div class=\"trade-after-content\" id=\"trade-1198698056\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Insurance behemoth Life Insurance Corporation of India will raise its stake in private sector lender Kotak Mahindra Bank to nearly 10 per cent, after receiving a grant of approval from the Reserve Bank of India (RBI). This is also subject to SEBI regulations, Foreign Exchange Management Act among others. Life Insurance Corporation of India (LIC) [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":5794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1513,31],"tags":[1734,1735,1733,1731,1732,130],"class_list":["post-5749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-editor-pick","category-news","tag-aurobindo-pharma","tag-initial-public-offering-ipo-of-life-insurance-corp-of-india","tag-kotak-mahindra-bank-limited","tag-life-insurance-corporation","tag-life-insurance-corporation-of-india","tag-reserve-bank-of-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Life Insurance Corporation of India to up stake in Kotak to nearly 10%<\/title>\n<meta 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