IndusInd Bank on Friday knowledgeable the inventory exchanges that the Life Insurance Corporation (LIC) of India has been authorised to maintain as much as a 9.99% stake within side then on-public lender. The permission comes at the again of RBI’s new shareholding norms for promoters and non-promoters in non-public banks. The RBI has allowed non-promoters to maintain as much as 10% in a non-public bank. LIC already holds 4.59% in IndusInd Bank. The permission is legitimate for one year. Last month, the RBI allowed LIC to maintain as much as a 9.99% stake in Kotak Mahindra Bank, in which the insurer holds 4.96%. Promoters of the non-public financial institution have additionally been given permission to convey their shareholding withinside the banks to as much as 26 consistent with cent from in advance 15 consistent with cent. Hinduja’s, who run IndusInd Bank, have proven their keenness to do so. IndusInd Bank stocks received marginally at the news. It became up 0.31 consistent with cent at Rs 949 on NSE.
